Amazon CEO Jeff Bezos was the richest man in the world for seven hours only, before Microsoft’s Bill Gates took over again. As Amazon stocks declined following its below par Q2 performance in terms of profits, Bezos’s peak fortune of $90.6 billion eroded to $86.9 billion, according to Forbes. Earlier in the day, Amazon stocks had climbed 1.3 percent taking Bezos past Bill Gates, who is valued at $89.8 billion. Also Read - Redmi Note 10S with Rs 1,000 discount on Amazon sale: Check offer details, new priceAlso Read - OnePlus Nord CE 5G, OnePlus TV U1S launch in India today: Event time, how to watch the event
Amazon Q2 profits fell 77 percent to $197 million on sales of $38 billion, mostly due to heavy investments it has made in its own business. Bezos, who owns roughly 80 million Amazon shares, lost $540 million in a day. Because he owns 17 percent of Amazon stock, even small fluctuations (1-2 percent) can result in billion-dollar wealth declines for Bezos. By the end of the day, the gap between Gates and him had widened to $2.9 billion. ALSO READ: Amazon CEO Jeff Bezos surpasses Bill Gates as the richest man in the world Also Read - Amazon School from Home store live in India: What's new
But Bezos rise has been significant in 2017 alone. He started the year as the fourth-richest man in the world. In half a year, he has grown his net worth by $23.9 billion, surpassing Inditex SA founder Amancio Ortega, and Berkshire Hathaway Chairman Warren Buffett in the list of world billionaires. Gates is at a stone’s throw now, and given Amazon’s increasing global domination, Bezos will soon be back on top. ALSO READ: Amazon will keep investing and expanding in India, says CEO Jeff Bezos
Amazon said it is spending more on new warehouses to meet rising demand in e-commerce globally. There are data centers being added for Amazon Web Services (AWS) as well. And original video programming for Prime Video as well as the Echo line of voice-activated speakers will be the major investment areas going ahead. Amazon CFO Brian Olsavsky told Bloomberg that expenses would climb in the second half of the year as it hires more workers to prepare for the peak shopping season. The company could even report a quarterly loss for the first time in two years.