Home / News / Jeff Bezos Of Amazon Overtakes Bill Gates As World’s Richest Person (Photo)

Jeff Bezos Of Amazon Overtakes Bill Gates As World’s Richest Person (Photo)

image

The founder of e-commerce website, Amazon, Jeff Bezos, has overtaken Bill Gates, as the richest person in the world.

Shares of the online retailer rose 1.3% to $1,065.92 on Thursday morning, giving Bezos a net worth of $90.9 billion, against $90.7 billion for Gates.

Gates, 61, has held the top spot since May 2013.

Most of the talk, has been about how many new subscriptions Amazon sold for its $99-a-year Amazon Prime service, which offers delivery discounts and video and music streaming. Prime shoppers spend more than customers who don’t have a membership.

Amazon Prime is why so much physical retail is going away,” Michael Pachter, a Wedbush Securities Inc. analyst who has a buy rating on the stock and a price target of $1,250, said.

“Anyone who joins Prime shops in retail stores 10 percent less, and that number will keep accelerating as Amazon adds more inventory.”

About Adeola

Check Also

Zimbabwe’s Opposition Leader, Morgan Tsvangirai, Dies From Cancer

Morgan Tsvangirai, the opposition Movement for Democratic Change (MDC) leader in Zimbabwe, has died after …