Amazon founder Jeff Bezos is very close to losing his title as the world’s richest person.
Bezos can blame his company’s third quarter earnings, which were below Wall Street estimates and caused the company’s stock to fall.
Much of Bezos’s wealth is linked to Amazon’s actions. He owns approximately 57 million shares, or about 12% of the company. Its net worth lost approximately US $3-billion after Amazon shares fell about 2% in Friday’s operations. It is a strong rebound compared to operations outside Thursday’s schedule, when it fell to 9%.
Bezos’ current wealth is US $109.6 billion, according to the Forbes billionaire list, which is higher than the US $106 billion of Gates. Bezos surpassed Gates as the worlds’s richest person 2017.
It has been a difficult year for Bezos’ finances, according to the Bloomberg Billionaire Index. He has lost about US $14-billion, mainly due to his divorce. As part of the agreement, MacKenzie Bezos received 25% of the couple’s shares in Amazon, according to an April securities presentation. That gave her a 4% stake in the company, which amounted to around US $38-billion.
Gates, meanwhile, has earned $17-billion so far this year, according to Bloomberg. He owns approximately 1% of Microsoft, which has had a 40% increase this year. Amazon shares rose 17% in the year.
The two men should be attentive to French billionaire Bernard Arnault. She is the only other person on the Forbes list that is worth more than $ 100,000 million. In July, the CEO of luxury goods manufacturer LVMH briefly surpassed Gates’ second place.
Jennifer Cruise is a financial reporter, focusing on technology and cyber security. Before joining PGM, Jennifer worked as a staff writer at Fast Company and spent two years as a foreign correspondent in London. Her work has been published on NPR, Business Insider, Medium and many other outlets.