Business

Jezz Bezos Becomes the Richest Man, but Only for a Short While

Finally someone has overtaken Bill Gates!

Jezz Bezos Becomes the Richest Man, but Only for a Short While August 4, 2017Leave a comment

Before reading this article you might be of the opinion that Bill Gates is the richest man on this earth.

But, get your facts straight. Because Bill Gates was overtaken on the morning of 27th July.

YES, you read it right! The richest man on the Planet earth on that particular morning was the CEO of Amazon, Jeff Bezos.

On the morning of Thursday, 27th July, Jeff became the richest man when the market opened. Amazon stocks amazingly rose by 1.6% by adding another $1.4 Billion to Jeff Bezos net worth. Jeff broke the record of Bill Gates, who has been the world’s wealthiest man for the last couple of decades now surpassed only for two days by Spanish retail giant Amancio Ortega. It happened again when the net worth of Jeff rose by $90.9 Billion, leaving behind the net worth of Gates which is $90.8 Billion.

But unfortunately, the happiness lasted only for a few hours for Bezos. As soon as Amazon announced its second quarter earnings, the stock shares fell down. By the evening of the same day, the stocks were dropped down by 3%, converting $90.9 Billion into $89.9 Billion.

The peak in the Amazon’s stocks on Thursday was the highest in the history of the company, which came down as soon as Amazon reported the net income of $197 million, which was a dip of 77% from its first quarter earnings of $857 million. The cause of this reducing profits is Amazon’s investments in its own business, and that tends to drop the value of the company.

For the current quarter of the year, the luck was not in the much favor of Amazon. Amazon has witnessed a huge loss of nearly $400 Million, or a potential gain of $300 million, according to the records of Reuters. The income estimates were initially recorded at $900, but the profits were shorter.

No matter if Bezos didn’t stay on the top for a long time, but this shows that company has a great strength to captivate the top position, and they will be at the top anytime soon!

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