×
You will be redirected back to your article in seconds

Amazon CEO Jeff Bezos Becomes World’s Richest Person

Jeff Bezos has again claimed the No. 1 spot on the list of the world’s wealthiest individuals, after Amazon investors pushed the stock up more than 11% on Thursday’s strong third-quarter earnings report.

Bezos, Amazon’s founder and CEO, had a net worth as of Friday morning of $91.6 billion, according to Forbes’ real-time ranking of the world’s billionaires — surpassing Microsoft co-founder Bill Gates, whose net worth stands at around $90 billion. Bezos’ fortune increased nearly $9 billion overnight, as Amazon stock was up more than 11% in Friday trading.

On July 27, Bezos had become the world’s richest person for a few hours morning, but Amazon shares declined in afternoon trading, putting Bezos back at No. 2 behind Gates.

For Q3, Amazon posted sales of $43.7 billion, up 34% year-over-year, with net income of $256 million (52 cents per share). That was a robust beat of Wall Street analyst forecasts of $41.6 billion in revenue and earnings per share of 7 cents.

Amazon has tremendous power in the e-commerce sector: It’s projected to account for 44% of every e-commerce dollar spent in the U.S., up from 38% last year, according to a recent estimate by research firm eMarketer. Amazon has bulldozed into the grocery space, closing its $13.7 billion acquisition of Whole Foods Market on Aug. 28. In the most recent quarter, Whole Foods contributed $1.3 billion in revenue to Amazon’s top line.

In addition, Amazon is expected to hit $1.65 billion in U.S. ad revenue in 2017, according to eMarketer’s latest forecast, which would make it the fifth-largest digital-ad platform revenue in the States.

Bezos, 53, founded Amazon.com as an online bookstore in 1994. In 2013, Bezos bought the Washington Post in a $250 million deal. He’s also the founder of space-aeronautics company Blue Origin and has invested in more than three dozen companies through Bezos Expeditions.

More Digital

  • How Baobab Studios Made 'Bonfire,' Its

    Baobab’s New VR Film ‘Bonfire’ Puts the Viewer at the Center of the Story

    Baobab Studios, the VR studio known for Pixar-quality animated virtual reality short films like “Invasion!” and “Crow: The Legend,” is back at Tribeca Film Festival this week with a new VR short that puts you at the center of the story — and lets you experience bonding around a campfire a million miles from home. [...]

  • NFL-Sunday-Ticket-DIRECTV

    AT&T CEO Expects DirecTV to Keep NFL Sunday Ticket Exclusively

    AT&T believes it will hang on to DirecTV’s exclusive rights for the NFL Sunday Ticket, even as the league has said it’s considering ending the satellite operator’s exclusivity to extend the out-of-home games package to streaming platforms. “The exclusivity [of Sunday Ticket] should remain as we go forward on DirecTV,” AT&T CEO and chairman Randall [...]

  • Pandora Acquisition Bites Into SiriusXM’s First-Quarter

    Pandora Acquisition Bites Into SiriusXM’s First-Quarter Profits

    SiriusXM today announced first quarter 2019 operating and financial results — the first since the company completed its acquisition of Pandora Media on Feb. 1 — and its quarterly profit was down 44% from the previous year. It attributed that drop to approximately $76 million of acquisition and other costs related to the Pandora deal, a $31 million one-time benefit [...]

  • Movistar+ Announces Ambitious Original Series ‘La

    Movistar+ Announces Ambitious Original Series ‘La Unidad’

    MELILLA, Spain — Spain’s pay TV leader Movistar+ has announced its newest original series, the anti-terrorist police drama-thriller series “La Unidad,” which started filming last week in the small autonomous Spanish community of Melilla, located on the Moroccan coast. One of the biggest international plays to date for Movistar +, the pay TV/SVOD unit of [...]

  • Vice Media

    APOS: Tencent Video, Vice Media Hatch Premium Youth Series for China

    China’s Tencent Video and global studio Vice Media have joined forces to create a premium youth series exploring hype culture. The eight-part series, with episodes of 25 minutes, will explore a generation obsessed with finding the next big thing. The series to be produced by Vice Studios is earmarked for a late 2019 release through [...]

  • Avengers EndGame Trailer

    ‘Avengers: Endgame’ Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by TV ad measurement and attribution company iSpot.tv, Marvel claims the top spot in spending with “Avengers: Endgame.” Ads placed for the superhero film had an estimated media value of $6.28 million through Sunday for 927 national ad airings on 39 networks. (Spend figures [...]

  • Co-Editor-In-Chief of Variety, Andrew Wallenstein and

    10 Things We Learned at Variety’s Silicon Valleywood Summit

    Variety’s first-ever Silicon Valley conference, presented by PwC, didn’t just bring together the worlds of technology and entertainment, it also provided plenty of insights into the strategies of market leaders, creators and senior executives in this space. Here are 10 key lessons from the event, which was held at the Rosewood Sand Hill hotel in [...]

More From Our Brands

Access exclusive content