Amazon founder Jeff Bezos has lost the title of the world’s richest man to Bill Gates takes his spot after Amazon’s Q3 results resulted in Bezos losing nearly $7 billion in stock value.
Amazon’s shares fell 7% in after-hours trading, leaving Bezos down to $103.9 billion. Bill Gates is currently worth $105.7 billion.
Bezos ended Gates’ 24-year run as the richest man in 2018 and became the first man to have a net worth of $160 billion.
Amazon reported a 26% drop in net income in Q3 results which is its first profit decline since 2017.
In after-hours trading, Amazon dropped nearly 9% to $1,624 per share.
Gates debuted on Forbes’ first-ever billionaire list in 1987 with a net worth of $1.25 billion.
Bezos first joined The Forbes 400 list of richest Americans in 1998, one year after Amazon went public, with a net worth of $1.6 billion, the report added.
The Bezos couple finalised their divorce in April in what was reported as the biggest divorce settlement in history, entitling MacKenzie Bezos to Jeff Bezos’ stocks worth around $36 billion.