Jeff Bezos' $13b day makes him world's richest man, overtaking Bill Gates

29 October, 2017, 04:00 | Author: Julio Duncan

With the commercial windfall due to the festive season, Amazon's share value rocketed by 13% and consequently, the largest stakeholder in the company, Bezos, saw a 12.4% increase in his wealth.

On one hand, Bill Gates has funneled billions of dollars into his charitable foundation, the Bill and Melinda Gates Foundation, which educates women and combats disease in impoverished countries across the globe, among other important causes.

Jeff Bezos is rich. At that time, Bezos had a net worth of $89.7 billion, while Gates had a net worth of $90.1 billion.

Bezos owned almost 80 million shares in Amazon (AMZN, Tech30) as of August, according to the most recent available data from FactSet.


But Gates also got a boost as Microsoft (MSFT, Tech30) stock rose 7 percent.

Bezos briefly dethroned Gates once before, on July 27, when his net worth topped $90 billion because of a temporary surge in Amazon stock. Gates owned 103 million shares as of September, according to FactSet. The booming stock performance followed a strong third-quarter earnings report that exceeded analyst expectations for the company, Bloomberg noted.

Amazon has been on a tear this year. If the share gains hold through today's close, Bezos will top the index for the first time. Bezos has said he wants to give more money to charity. Facebook Inc's Mark Zuckerberg added US$2.1 billion.

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