Thursday, 27 July 2017

Jeff Bezos Surpasses Bill Gates, Becomes World’s Richest Man

Jeff Bezos Surpasses Bill Gates, Becomes World’s Richest Man

Jeff Bezos - World's Richest Man

Founder on internet retail behemoth, Jeff Bezos has surpassed Microsoft founder, Bill Gates to become the world’s richest man.

Gates has held the position of World’s richest man since 2013 on the Bloomberg Billionaires Index.

According to Bloomberg, surge in Amazon.com Inc. shares Thursday morning in advance of the online retailer’s earnings report has propelled founder Jeff Bezos past Bill Gates as the world’s richest person.

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Shares of the online retailer rose 1.3 percent to $1,065.92 at 10:10 a.m. in New York, giving Bezos a net worth of $90.9 billion, versus $90.7 billion for Gates. If that holds through the 4 p.m. close, Bezos, 53, will leapfrog Gates, the Microsoft Corp. co-founder, on the Bloomberg Billionaires Index. Gates, 61, has held the top spot since May 2013.

“Amazon Prime is why so much physical retail is going away,” said Michael Pachter, a Wedbush Securities Inc. analyst who has a buy rating on the stock and a price target of $1,250. “Anyone who joins Prime shops in retail stores 10 percent less, and that number will keep accelerating as Amazon adds more inventory.”

Amazon is expected to post quarterly revenue of $37.2 billion, a 22 percent jump from a year earlier, according to the average estimate of 34 analysts surveyed by Bloomberg, and earnings per share of $1.42.

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