On Friday, Amazon Founder and CEO Jeff Bezos has lost the prestigious titles as the world’s richest man, paves the way for determined Bill Gates to grab the top position after the e-commerce site’s tame Q3 results resulted in the founder’s losing around $7 billion in market valuation.
Amazon shares see a sharp fall at 7 percent in after-hours trading on October 24, leaves Mr. Bezos down to $103.9 billion.
Meanwhile, Microsoft co-founder Bill Gates shares is currently $105.7 billion.
Jeff Bezos has ended Bill Gates’ 24-year run as the world’s richest man in 2018 and became the first man on this planet with a net amounted to $160 billion.
Amazon has reported a 26 percent fall in its net income in the third quarter, which is its first profit decline since 2017, reported source,
In after-hours trading, Amazon falls at around 9 percent to $1624 per share.
Bill Gates debuted on Forbes first-ever billionaire list since 1987 with a net amount of $1.25 billion.
In 1998, Amazon’s CEO has first joined Forbes 400 list of the richest man in the United States of America, one year after the e-commerce site went operational, with a net value of $1.6 billion, added the report.
The Bezos Couple has finalized their divorce in April, in what was alleged as the biggest divorce settlement in the history, entitled MacKenzie Bezos to his stocks worth nearly $36 billion.
The nest sales of Amazon hits $70 billion in the third quarter, an increase of 24 percent as compared with $56.6 billion in 2018, but the site has examined its net income declining to $2.1 billion compared with the net income of $2.9 billion in the third quarter of last year.
In an income call, Amazon Chief Financial Officer Brian Olsavsky has said that the profit decreases were mainly related to the global e-commerce business.
However, Amazon’s Cloud arm Amazon Web Services (AWS) has reported an operating income of $2.26 billion and revenue of $9 billion, 71.6 percent if its total operating profit.