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Home > Cloud Computing > Jeff Bezos is no longer the richest person

Jeff Bezos is no longer the richest person

Erdem Yasar by Erdem Yasar
October 26, 2019
in Cloud Computing
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Jeff Bezos, founder and CEO of Amazon lost his title to Microsoft’s co-founder Bill Gates. After Amazon’s 7% share fell, Bezos’ fortune dropped down to $103.9 billion, Bill Gates once again became the richest person with $105.7 billion worth.

Last year, Bezos became the richest man for the first time with his $160 billion fortune, ending Bill Gate’s 24-year run. But, the biggest reason behind this significant drop is not the change of Amazon’s share. Bezos, transferred a quarter of his Amazon stake to MacKenzie Bezos, his ex-wife as a part of the divorce settlement. MacKenzie Bezos is worth $32.7 billion now and his new fortune makes her one of the top twenty wealthiest people in the world.

Amazon is heavily investigating the methods they are using after the company declared its first profit decline since 2017 in this quarter. In the third quarter of 2019, Amazon reported a %26 drop in net income. One-day shipping policy for Amazon Prime members may have caused increased logistics and delivery infrastructure budget to increase.

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Tags: AmazonBill GatesJeff BezosStock Market
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Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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