Amazon founder and CEO Jeff Bezos has lost the title as the world’s richest man, paving the way for tenacious Bill Gates to grab the top spot after Amazon’s lacklustre Q3 results resulted in Bezos losing nearly $7 billion in stock value.
Amazon shares fell 7 per cent in after-hours trading on Thursday, leaving Bezos down to $103.9 billion.
Microsoft co-founder Bill Gates is currently worth $105.7 billion.
Bezos ended Gates’ 24-year run as the richest man in 20 ..
Amazon reported a 26 per cent drop in net income in its third quarter, its first profit decline since 2017, reports Forbes.
In after-hours trading, Amazon dropped nearly 9 per cent to $1,624 per share.