Here’s how Amazon
stock (briefly) made Jeff Bezos the world’s richest man
Jeff Bezos was
the richest man in the world for a time on Wednesday, with a fortune of over
$90 billion.
According
to Forbes and Bloomberg, the Amazon CEO
had a net worth of over $89 billion as of the close of markets Wednesday,
while Microsoft co-founder Bill Gates had
a net worth of just over $90 billion.
Even
if Bezos didn’t end the day as the richest man, he will likely take the crown
from Gates more permanently in the coming days and weeks.
When
he hits the mark, Bezos, who started selling books from his garage 22 years
ago, becomes the first man to bump Gates from his perch in seven years and is
only the sixth man to hold the “richest person” title in the past 30 years,
according to Forbes.
Bezos’
rise carries important symbolic weight — signaling Amazon’s unbridled power and
value, presenting a new face of outsized wealth to the world and heralding a
new kind of billionaire who is skeptical of philanthropy and has massive reach
in culture, technology and media. Bezos will be a stark contrast to his fellow
Seattle-area resident Gates, who has topped the list for much of the past
quarter-century and devotes his time and money to philanthropy.
What’s
most astounding about Bezos’ rise is his recent wealth surge. He has been a
billionaire for nearly 20 years, first making the Forbes list in 1998 with a
net worth of $1.6 billion after Amazon’s IPO. He chugged along for the
following decade, reaching $4.4 billion in 2007, gradually rising to $18.4
billion by 2012, ranking him 26th on the list.
But
over the past two years, as Amazon’s stock has soared, so has Bezos’ fortune.
He owns 79.9 million shares, or just under 17 percent of the company. His net
worth has grown by $70 billion over the past five years, surging by $45 billion
in the last two years alone — possibly the largest wealth-creation surge in
history.
Of
course, Bezos avoids talking publicly about his wealth. Like most tech tycoons,
he insists he’s trying to change the world rather than get rich. In his
commencement speech at Princeton, Bezos said he had the idea of selling books
on the internet while he was working at a New York hedge fund. Torn between his
high-paying job and a risky start-up, he chose the start-up.
“I
took the less safe path to follow my passion and I’m proud of that choice,” he
said.
Bezos
may not only be the richest man in the world today — he might become the
richest man ever, at least measured in pure dollars. At his peak Gates was
worth $90 billion, marking the largest single fortune ever. With little sign
that Amazon’s momentum may be slowing, Bezos could well be the first 12-digit
man, worth $100 billion one day.
Source:
CNBC
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