Forbes confirmed today that Bill Gates is no longer the richest man on earth.The techprenuer who has taken the coveted position for the last 20 years for the first time lost to Amazon founder Jeff Bezos.
He overtook Bill Gates as the number one richest on Forbes list of the World’s Billionaires in March this year and has just kept on climbing. Bill Gates is currently worth about $56 billion less than Bezos.He is worth $93.6 billion.
Bezos’ fortune has skyrocketed up by more than $45 billion since the beginning of 2018 nearly $11 billion climb in a little over a month. The Amazon founder owns 16% of Amazon company shares.
He’s sold several billion dollars worth of shares over the past few years and uses that money to fund his rocket company, Blue Origin.
For a few hours on Monday, his fortune surpassed the $151 billion mark. That was a new record high not just for Bezos, but also for all of the billionaires Forbes has tracked over the past three and a half decades.
The shares climbed sharply a day that coincided with the start of the company’s annual Prime Day, during which members of Amazon Prime were offered special deals to encourage more purchases.
Amazon’s website unfortunately crashed that afternoon, and was still down as of 6:30 pm ET. As a result Amazon shares fell back leaving Bezos with a net worth of $149.7 billion.
Bezos first appeared on the Forbes 400 list of America’s richest people in 1998 with a net worth of $1.6 billion one year after Amazon went public.
However at one point in 1999, Bill Gates’ net worth briefly hit $100 billion which would be worth $151.2 billion today in inflation-adjusted dollars.