Amazon vs Microsoft: Jeff Bezos loses world's richest man title to Bill Gates

Amazon founder and CEO Jeff Bezos has lost the title as the world`s richest man, paving the way for tenacious Bill Gates to grab the top spot after Amazon`s lacklustre Q3 results resulted in Bezos losing nearly $7 billion in stock value.

Amazon shares fell 7 per cent in after-hours trading on Thursday, leaving Bezos down to $103.9 billion. Microsoft co-founder Bill Gates is currently worth $105.7 billion. Image source: Reuters

Amazon founder and CEO Jeff Bezos has lost the title as the world`s richest man, paving the way for tenacious Bill Gates to grab the top spot after Amazon`s lacklustre Q3 results resulted in Bezos losing nearly $7 billion in stock value. Amazon shares fell 7 per cent in after-hours trading on Thursday, leaving Bezos down to $103.9 billion. Microsoft co-founder Bill Gates is currently worth $105.7 billion.

Bezos ended Gates` 24-year run as the richest man in 2018 and became the first man on earth with a net worth of $160 billion. Amazon reported a 26 per cent drop in net income in its third quarter, its first profit decline since 2017, reports Forbes. In after-hours trading, Amazon dropped nearly 9 per cent to $1,624 per share.

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Gates debuted on Forbes` first ever billionaire list in 1987 with a net worth of $1.25 billion. Bezos first joined The Forbes 400 list of richest Americans in 1998, one year after Amazon went public, with a net worth of $1.6 billion, the report added.

The Bezos couple finalised their divorce in April in what was reported as the biggest divorce settlement in history, entitling MacKenzie Bezos to Jeff Bezos` stocks worth around $36 billion.

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