Tags: jeff bezos | passes | buffett | richest | man

Bezos Tops Buffett as World's Third-Richest on Amazon Rise

Bezos Tops Buffett as World's Third-Richest on Amazon Rise

Thursday, 21 July 2016 06:57 PM

Jeff Bezos just snuck past Warren Buffett to become the third-richest person on Earth.

The Amazon.com Inc. founder’s net worth was $65.05 billion Thursday, topping Buffett by $32 million on the Bloomberg Billionaires Index. With the gain, Bezos’s wealth has increased by $5.4 billion this year, marking a resurgence after it fell to as low as $43 billion in February amid turbulent global markets.

Most of Bezos’s wealth is tied to Amazon, which has benefited from robust demand for quick-turnaround delivery, cloud services and gadgets like the Kindle and Echo. In April, the Seattle-based company posted its biggest-ever net income and said first-quarter sales climbed 28 percent, including a 64 percent rise at its cloud-computing division. The shares are up 54 percent since hitting a low of $482.07 on Feb. 9.

Bezos’s rise in the billionaire ranking has been helped by Buffett’s philanthropy. The Berkshire Hathaway Inc. chairman donated about $2.2 billion worth of stock this month in his annual gift to the Bill & Melinda Gates Foundation. Even so, the 85-year-old has still seen his net worth rise by $2.7 billion in 2016, with Berkshire’s Class A shares up 9.4 percent.

Bezos, 52, now lags only Spain’s Amancio Ortega, the Inditex SA founder who has a $73 billion fortune, and Microsoft Inc.’s Bill Gates, the world’s richest person, with $89 billion.

Bezos’s rank could climb higher. Carlos Kirjner of Sanford C. Bernstein & Co. set his Amazon price target at $1,000 in May, 34 percent above Thursday’s close of $744.43. With the stock at that price, Bezos’s fortune would be about $86 billion, just under Gates’s current level.


© Copyright 2019 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Newsfront
Jeff Bezos just snuck past Warren Buffett to become the third-richest person on Earth.The Amazon.com Inc. founder's net worth was $65.05 billion Thursday, topping Buffett by $32 million on the Bloomberg Billionaires Index. With the gain, Bezos's wealth has increased by $5.4...
jeff bezos, passes, buffett, richest, man
269
2016-57-21
Thursday, 21 July 2016 06:57 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved