That put Jeff Bezos to become the richest man in the world. Jeff Bezos net worth is now $90 billion.
This is the moment when he surpassed Bill Gates.
Amazon is one of the highest quality companies in the internet sector considering its consistent innovation and execution, the size of the opportunities it is pursuing, and its positioning within those future growth opportunities.
Amazon yesterday released its third-quarter earnings results and completely blew away even the most optimistic of analyst expectations. When the dust settled, Amazon posted revenue of $43.7 billion, a cool $1 billion more than the $42.1 billion analysts on Wall St. expecting.
This isn’t Bezos’ first time as number one. He became the richest man for the first time in July – but his reign only lasted a day.
On July 27, Amazon’s share price topped $1,050 and Bezos’ paper fortune soared past $90 billion. But after Amazon’s share price slipped, Bezos fell back to second place behind Gates.
The analysts said the strong growth was the result of the company’s massive investment spending ( they recently bought Whole Food Market). Amazon had $5.7 billion in capital expenditures during the third quarter, $300 million more than he expected.
At some point, given Amazon’s dominance in so many markets, Bezos is likely to pull further ahead in the race for the richest man. For now, however, the battle is between Microsoft and Amazon.
What is your opinion on this? How long do you think it will take for Jeff to be on the first place?