Amazon Founder and CEO Jeff Bezos has overtaken Bill Gates to become the richest person in the world. Shares of the e-commerce giant sold like hot cakes on Thursday morning, giving Bezos a net worth of $90.9 billion compared to Bill Gates’ $90.7 billion. The Microsoft founder had held the top spot since 2013.
Investors and analysts would be looking at how many Amazon Prime “$99 for a year” subscriptions the retailer giant sold in the last year along with their market share in clothing and groceries. Amazon Prime is an Amazon service that offers its members delivery discounts along with music and video streaming. Amazon Prime users spend more than customers who don’t have that membership.
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At the beginning of 2017, Bezos was the fourth richest in the world, but only in seven months, he surpassed big names like Warren Buffett (big-time investor), Amancio Ortega (Inditex), and Bill Gates (Microsoft).
In 1994, Bezos quit his Wall Street job, founded Amazon, and sold books from his garage in Seattle before expanding his company’s business line to other categories. Today, Amazon sells everything from diapers to pliers and makeup to bed sheets.
Bezos owns 17% of Amazon shares, and the company’s value exceeded to $500 billion. During the first quarter of the year, Amazon’s sales increased by 23% to $37.5 billion. Amazon’s share price jumped by 40%, and the company is selling 43% of everything that is sold in the USA.
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The New Mexico native bought Washington Post in 2013 and invested in space travel through a company named Blue Origin, which he established in 2000. Bezos is planning to give it back to the society and asked his Twitter followers in June to give him some ideas about it. In the post, he wrote that he wants to extend his philanthropic activity towards helping others so that it can make a bigger impact.
Bezos is definitely one of the most forward thinking people on the planet for transforming a bookselling business into a non-traditional retail company that completely changed the world.