Amazon founder Jeff Bezos no longer world's richest man

Friday, 25 October 2019 10:53

Amazon founder and CEO Jeff Bezos has lost the title of the world's richest man, pushing Microsoft co-founder Bill Gates back to the top spot.

It comes after Bezos lost nearly $7 billion in stock value after Amazon's lacklustre third-quarter results, pushing his fortune down to $103.9 billion.

Another factor that led to a drop in Bezos' net worth is the transfer of his 4 per cent stake to former wife Mackenzie.

Gates, with a net worth of $105.7 billion, regains the top rank after Bezos had ended his 24-year-reign in 2018.

More from Business

Parkin expands into Sharjah's Aljada with partnership with Arada

Starting today, Parkin has expanded its smart paid parking services to Sharjah's Aljada following a five-year partnership with developer Arada.
US states sue to block Paramount’s $110 billion Warner Bros Discovery deal

California and 11 states have sued to block Paramount's $110 billion acquisition of Warner Bros. Discovery, alleging the deal would create a media behemoth with the power to raise prices in film and television.
Dubai steps up coordination to boost supply chains, trade flow

The Dubai Ports Authority has held a coordination meeting with shipping companies, cargo operators and key partners to enhance the efficiency of container movement and goods through Dubai's ports.
Masdar reaches financial close for $6.1 billion 24/7 clean energy project

Abu Dhabi Future Energy Company, Masdar, has announced financial close for the world's first gigascale 24/7 renewable energy project, marking a defining milestone in the commercialisation of the next generation of clean energy infrastructure.