Jeff Bezos' $13b day makes him world's richest man, overtaking Bill Gates

Dianna Christensen
October 29, 2017

Jeff Bezos is on track to become the world's richest person.

Amazon stock jumped 13.5 percent on Friday after the company turned in another incredible earnings report - more than a quarter-billion dollars in profit in three months. Amazon stock saw a spike in after-hours trading on Thursday after the company reported strong third-quarter earnings.

Mr Bezos's growing fortune is likely to antagonise tax authorities around the world, which accuse Amazon of aggressively avoiding tax.

Bezos owned almost 80 million shares in Amazon (AMZN, Tech30) as of August, according to the most recent available data from FactSet. At that time, Bezos had a net worth of $90.6 billion versus Bill Gates' $90.1 billion. He would be worth about US$150 billion if he hadn't made the donations.

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But Gates also got a boost as Microsoft stock rose 7 per cent. Gates owned 103 million shares as of September, according to FactSet.

His wealth briefly surpassed that of Microsoft Corp.co-founder Bill Gates on an intraday basis on July 27, but Amazon shares ended the day lower, leaving Bezos at No. 2. Microsoft stock climbed about $6 a share, so Gates added nearly $600 million to his personal wealth.

Bezos first joined the Forbes 400 in 1998, one year after Amazon went public, with a net worth of $1.6bn. In 2017, the billionaire couple gave away $4.6 billion worth of shares in charity, making it their second biggest donation after $16 billion which they donated in 1999.

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