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.”