The owner of online retail giant Amazon.com, Jeff Bezos, surpassed Bill Gates as the wealthiest man in the world on Thursday.
Since May 2013 the top spot has been occupied by Bill Gates, 61, co-founder of Microsoft Corp.
The online giant shares jumped 1.8 percent to $1,071.31 as of 9.30am in New York, pushing Bezos’ personal wealth to over $91 billion.
Jeff Bezos, owner of Amazon.com, became the worlds richest man on Thursday (pictured Jeff Bezos March 2017)
Bill Gates , 61, held the title of richest man since May 2013 (pictured Bill Gates April 2017)
Bloomberg notes that if shares of Amazon.com maintain to end of trading at 4.00pm, Bezos, 53, will surpass Gates on the Bloomberg Billionaires Index.
Amazon is projected to post a 22 per cent jump in its quarterly revenue, rising to an estimated $37.2 billion based on the average assessment of 34 analysts surveyed by Bloomberg, with earnings per share of $1.42.
The online giant diverse portfolio, which includes apparel and groceries, is helping boost its market projections, but investors are keeping an eye out for an increase in the company’s subscription-based services.
The Internet retailer sells a $99 -a-year Amazon Prime service, which offers delivery discounts and video and music streaming.
Michael Pachter, a Wedbush Securities Inc. analyst, told Bloomberg that ‘Anyone who joins Prime… shops in retail stores 10 percent less, and that number will keep accelerating as Amazon adds more inventory.’
Bezos started Amazon.com in Seattle, Washington in 1994 and has transformed consumer shopping in the internet age (pictured: Jeff Bezos’ Washington DC home)
Inditex SA founder, Amancio Ortega now ranks third with $82.7 billion, and Berkshire Hathaway Inc.’s Warren Buffet sits at the No. 4 with $74.5 billion (pictured: Bill Gates’ home)
Bezos owns 17 per cent of Amazon, which has seen 40 percent increase in revenues this year (pictured: Jeff Bezos’ Seattle, Washington home)
Amazon Prime is the reason why so much physical retail is going away,’ Pachter added, referring to traditional brick-and-mortar businesses.
Even the Amazon’s model of shifting the buying of good and services from the outside world to inside the home has a big contribution in leading the company’s success.
Amazon’s cloud-computing division, Amazon Web Service, is also contributing to the overall health of the company, which is seeing profits and accounts for 10 per cent of the company’s overall revenue.
Bloomberg indicates that Bezos owns 17 percent of Amazon, whose revenues have soared 40 percent this year alone.
The increase has led to additional $24 .5 billion for his personal net worth, surging him to the top of the billionaires list from his starting position of fourth where he began this year.
Inditex SA founder, Amancio Ortega now ranks third with $82.7 billion, and Berkshire Hathaway Inc.’s Warren Buffet sits at the No. 4 with $74.5 billion.
Bezos started Amazon.com in Seattle, Washington on July 5, 1994.