Business Buzzworthy Money & Finance News U.S.

Jeff Bezos becomes the Richest Person

Amazon's Stock rises and surpasses Microsoft

Jeff Bezos becomes the Richest Person July 28, 2017Leave a comment

Jeff Bezos was born on January 12,1964. He is an American online retail innovator, tycoon and a well-known philanthropist. According to Forbes his net worth was $58.8 billion in late 2015. He founded Amazon.com Inc. Jeff is also the CEO of Amazon. He first established Amazon as an online portal to purchase books for Americans only. Then he moved on to sell other goods as well.

Bezos is a Princeton University graduate, he founded Amazon in 1994 when he was only 30. In the 90s internet was still developing and online shopping wasn’t as common as it is today. The websites which offered online shopping were even rare Bezos realized the immense potential internet carries for business and started establishing his online shopping portal.

The immensely popular features were added to the website after it set a benchmark in selling books online.

One of the features include One-Click Shopping and Amazon Associates Program.

These features were made public in 1996, they were listed on Nasdaq.

Since then the company never stopped growing.

Just last Thursday Jeff Bezos became the world’s wealthiest person. The reason behind it the jump in share price of the Us tech titan enabled him to surpass Microsoft Bill Gates, according to Forbes magazine’s estimate.

Forbes magazine said that its real-time tracking of personal wealth indicated that Bezos net worth is $90.5 billion, while the Microsoft Tycoon Bill Gates is at $90 billion.

Later that day the Amazon stock dropped leaving Jeff just a bit lower than $90 billion. Nevertheless, he was the richest man on the planet for a few hours!

17 percent of the equity of Amazon is owned by Bezos. Amazon has been expanding exponentially as a diversified tech firm in cloud computing from just an online retailer and book-seller.

This tech firm now excels in cloud computing, online video, computing hardware and artificial intelligence.

The company’s ambition is to expand its wings and cover as many platforms as possible for example Amazon is now planning to acquire US grocer Whole Foods, which will help the company in expanding in food sector.

Over the past four months Amazon’s shares have risen some 24pc, in the past the shares were up 1.7pc at $1,070.72. this increase resulted in adding roughly $17 billion to the net worth of the owner of Amazon Jeff Bezos who is 53-year-old.

Bill gates the Founder of Microsoft has been the richest person in Forbes annual rankings in March for the past four years from 2010 till 2013.

Now in the race of billionaires Mark Zuckerberg has also been significantly acknowledged by having a worth of $72.9 billion.

Amongst Bezos Amazon business venture he also owns The Washington Post and Blue Origin that is a private space firm. Blue Origin is privately funded by Amazon.com and its headquarter is in Kent, Washington. The company is working towards developing technology to make it possible for access space privately with the aim to lower the costs and increasing reliability.

Blue Origin’s motto is “Gradatim Ferociter“, Latin for “Step by Step, Ferociously”.

The company’s name refers to planet Earth as the point of Origin. The test flights started in 2015 and now they are planning to explore and starting to commence commercial suborbital human spaceflight in 2018

Leave a Reply

Your email address will not be published. Required fields are marked *