Amazon founder becomes richest person in the world

IANS  |  New York 

The uptick Amazon registered on this Friday has directly affected the of its founder, Jeff Bezos, who immediately replaced co-founder Bill Gates as the richest person in the world.

Two hours after the stock market opened on Friday, Amazon were up 11.9 per cent, on the first day since it announced its third quarter results at the close of trading on Thursday.

had climbed close to 7 per cent at the same time, also as a result of its third quarter earnings announced on Thursday at Wall Street's closing bell.

But according to Forbes magazine, which closely follows the world's greatest personal fortunes, taking into account, among other aspects, the value of their stock market assets, Bezos surpassed Gates on Friday as the richest person in the world.

According to Forbes, the of Amazon's founder reached some $90.6 billion, compared with the $90.1 billion that the online edition of the magazine attributes to Gates.

This is not the first time that Bezos has outpaced Gates - it previously happened last July 27 when Amazon hit a historic high, though Gates took back the lead hours later.

Jeff Bezos has been on the Forbes list of the richest billionaires since 1998, a year after his e-commerce giant went public.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 27 2017. 22:46 IST