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Post Amazon’s Quarterly Results, Bezos Loses Tag Of The World’s Richest Man

By Staff

On Thursday, Amazon Inc reported a fall of 26 percent in net profit for the September-ended quarter when compared to the same period of the previous year, its first decline since 2017.

Following the news, shares of the e-commerce behemoth declined by 7 percent in after-hours trading, tumbling founder Jeff Bezos' fortune down to $103.9 billion.

Post Amazon’s Quarterly Results, Bezos Loses Tag Of The World’s Richest Man

The fall pushes his ranking on the Forbes' Rich List to number two, below Microsoft co-founder Bill Gates, whose net worth stands at $105.7 billion, according to the magazine.

In after-hours trading, shares of Amazon dropped nearly 9 percent to $1,624 apiece within 20 minutes after the market closed.

Earlier this year, Jeff Bezos lost some of his stake in the company to former wife Mackenzie Bezos in their divorce settlement, making her the second-largest individual shareholder in the e-commerce giant. Further, has also been selling his stocks in the open market in line with his previously declared plan to shares worth $1 billion every year to fund, Blue Origin, his private aerospace manufacturer and sub-orbital spaceflight services company.

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