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Bill Gates Reclaims The World’s Richest Person Title

By Staff

On Friday, co-founder of Microsoft Inc., Bill Gates, overtook Amazon Inc.'s Jeff Bezos to become the world's richest person, reclaiming the title after over 2 years.

Bill Gates Reclaims The World’s Richest Person Title

Shares of Microsoft have been gaining since the Pentagon, US' Defense Department, awarded the company with a $10 billion cloud-computing contract. The stock rose 4 percent to push Gates' fortune to $110 billion, as per Bloomberg Billionaires Index. He holds 1 percent stake in Microsoft, while the rest of his wealth is from investments and shares sales made over the years.

On the other hand, Amazon's shares fell 2 percent since the announcement valuing Bezos' net worth at $108.7 billion.

In the last month, after Amazon posted its first profit drop in two years, its shares lost ground momentarily on an intraday basis, briefly making Gates the richest person. But the shares of the largest online retailer in the world soon pared the decline.

On the Bloomberg index, that tracks the wealth of the richest 500 people on a daily basis, French businessman Bernard Arnault, holds the title of the third richest person with a net worth of $102.7 billion.

Read more about: bill gates microsoft jeff bezos
Story first published: Saturday, November 16, 2019, 12:05 [IST]
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