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.