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Bill Gates Tops Jeff Bezos as World's Richest Person With Amazon Slide

Bill Gates Tops Jeff Bezos as World's Richest Person With Amazon Slide
(AP)

Friday, 15 November 2019 05:52 PM

This time it’s official.

Microsoft Corp. co-founder Bill Gates overtook Amazon.com Inc.’s Jeff Bezos as the world’s richest person on Friday, reclaiming the top ranking for the first time in more than two years.

Gates may have been helped in part by the Pentagon’s surprise decision announced Oct. 25 to award a $10 billion cloud-computing contract to Microsoft over Amazon. Shares of Microsoft (MSFT) have since climbed 4%, giving Gates a $110 billion fortune, according to the Bloomberg Billionaires Index. Amazon’s stock (AMZN) is down about 2% since the announcement, putting Bezos’s net worth at $108.7 billion.

Gates, 64, had briefly topped Bezos, 55, on an intraday basis last month after Amazon posted its first profit drop in two years, but shares of the world’s biggest online retailer pared the decline. The index is updated each trading day after U.S. markets close.

Read more: Microsoft Shares Surge After Controversial Pentagon Contract Win

Microsoft has surged 48% this year, boosting the value of Gates’s 1% stake. The rest of his wealth is derived from share sales and investments made over the years by his family office, Cascade.

Bezos would be far richer if he and MacKenzie Bezos hadn’t divorced. The pair announced their split in January, with MacKenzie, 49, receiving a quarter of their Amazon holdings in July. Her net worth dipped to $35 billion on Friday. Gates, on the other hand, may have never relinquished the top spot were it not for his philanthropy. He has donated more than $35 billion to the Bill & Melinda Gates Foundation since 1994.

© Copyright 2019 Bloomberg News. All rights reserved.

   
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This time it's official.Microsoft Corp. co-founder Bill Gates overtook Amazon.com Inc.'s Jeff Bezos as the world's richest person on Friday, reclaiming the top ranking for the first time in more than two years.Gates may have been helped in part by the Pentagon's surprise...
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2019-52-15
Friday, 15 November 2019 05:52 PM
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