We originally reported Jeff Bezos, the billionaire who founded and is the CEO of Amazon, had taken the reigns to become the richest person in the world, beating Microsoft founder Bill Gates who has held the title for roughly four years. However, due to Amazon earning far less than what was originally quoted by analysts in Q2 of 2017, it’s caused Bezo’s worth to drop and, therefore, is no longer the richest guy around.
Specifically, Amazon earned a profit of just $197 million, 77 percent less than the $857 million the company earned at this time last year. This is likely due to the company investing a whole bunch of money into other aspects of their business, specifically the acquisition of Whole Foods. Ultimately, Amazon just spent a bit too much money this quarter, and the market noticed.
Due to Amazon earning lower than what was originally quoted, the company’s stock took a 2 percent dip in after-hours trading. At the close of the market yesterday, Bezos was bumped back down to the #2 spot on the list of richest people alive, therefore bringing Gates back up to #1 with his $90.8+ billion fortune.
Considering Bezos owns 17 percent of Amazon, it’s likely we’ll see him and Gates face off for the #1 spot on the richest persons in the world title over and over again. Amazon’s recent investments will no doubt surge their stock even further, while Microsoft will likely continue to keep pushing new technologies and developments even further each quarter. Overall, we have a regular brawl on our hands. Sit back, relax, grab a bag of popcorn, and watch the numbers flow in.