Amazon Founder Becomes World’s Richest Person Momentarily

Amazon Founder Becomes World’s Richest Person Momentarily

Amazon founder Jeff Bezos’s net worth touched US$91.4 bn last week, following which he briefly overtook Bill Gates to gain the title of the world’s richest person. A steep rise in Amazon shares led to Mr. Bezos’ wealth surpass that of Microsoft co-founder for some time, as per Forbes. However, the rise was momentary with Amazon shares dropping back to position Mr. Gates again on the top slot. Mr. Bezos who owns 17% of Amazon’s shares also holds a stake in several other businesses.

The rise in technology stocks has eclipsed the net worth of several other entrepreneurs. This includes Facebook founder Mark Zuckerberg, who stands on number five as per Forbes’ list of high net worth individuals. Prior to this, Zara owner Amancio Ortega gained the title holding the world’s richest man title for two days last September. At present, Mr. Bezos stands a close second with the current price of Amazon shares.

Jeff Bezos Funding Massively on Project Blue Origin

Mr. Bezos’ skyrocketing spending not known to many includes some big buys on property. One of his recent buys, according to the Washington Post includes an old textile museum in Washington DC for which he paid US$23 million. Once the building is refurbished, the Bezos family will be near neighbors to the Obamas and to Ivanka Trump along with her husband Jared Kushner. While Seattle and Beverly Hills are other locations where the Bezos family have homes, the spending on property is insignificant compared to Mr. Bezos’s spending on his first passion: rocket science. In this regard, Mr. Bezos is selling Amazon’s stock worth US$1 bn every year to fund Blue Origin, the project founded by him for commercial space travel.