The founder of Amazon, Jeff Bezos, has regained his position as the world’s richest man after being overtaken by Bill Gates for a couple hours.
The upset happened on Thursday, October 24th when Amazon had poor third-quarter earnings which had shares falling 7% which led to his net worth dropping to $103.9 billion as of 8 P.M. ET.
Microsoft co-founder Bill Gates took over as the richest man in the world—a title he held comfortably for 24 years before Bezos took the helm in 2018.
Bezos has now regained his spot as his shares still took a drop on Friday but the fall wasn’t as steep as on Thursday
Amazon shares fell 1% to $1,760.78 on Friday, putting Bezos’ net worth at $109.9 billion—and back at number one.
Bill Gates is just $4.1 billion behind Bezos at number two with a net worth $105.8 billion.
It’s possible Bezos could lose the crown once more as Amazon continues to invest heavily in infrastructure to support one-day shipping—a delivery time that he hopes will become standard for all Amazon Prime members.
Bezos’ wealth is reportedly based on the performance of Amazon whereas Bill Gates who stepped down as chairman of Microsoft is much less dependent on the company’s earnings.
