Jeff Bezos Loses The World's Richest Person Crown

Amazon.com, Inc AMZN Chair and recent space traveler Jeff Bezos is no longer the world’s richest person, according to the Forbes Real-Time Billionaire’s List.

What Happened: Bezos, worth $192.6 billion at press time, was displaced by billionaire Bernard Arnault, CEO of the luxury goods firm LVMH Moët Hennessy - Louis Vuitton S.A. LVMUY LVMHF, and his family.

Arnault and family’s net worth is estimated to be $196.2 billion by Forbes. Other notables on the list include Tesla Inc TSLA CEO Elon Musk and Microsoft Corporation MSFT co-founder Bill Gates, who occupy the third and fourth spots on the list of the ultra-rich respectively.

Notably, Bezos' displacement from the top spot comes shortly after Amazon's second-quarter numbers were released on Thursday.
Q2 revenue was recorded at $113.1 billion missing consensus estimates of $115.1 billion, while earnings per share came in at $15.12 beating estimates of $12.22. The e-commerce giant's shares tanked in Friday's regular session.

Read Next: Amazon Vs. Facebook Vs. Google: How The Tech Giants Fared Against Each Other On Ad-Revenue In Latest Quarter

Why It Matters: Arnault studied engineering and worked in the construction field before turning his focus on fashion, as per an earlier report.

Arnault and his family own 47.5% of LVMH shares whose brands span Louis Vuitton, Christian Dior, Celine, Moët & Chandon, Hennessy, and Tiffany.

Bezos successfully completed a space flight on July 20, becoming the second billionaire in recent times to shoot for the void after Virgin Galactic Holdings Inc SPCE founder Sir Richard Branson. 

See Also: World's Richest Person Jeff Bezos Thanks Amazon Workers, Customers For Paying For His Space Trip

Bezos made his beginnings on Wall Street and later went on to found Amazon in late 1994 initially with a focus on books. Bezos stepped down as chief executive of the retail behemoth last month.

Amazon has since then expanded into e-commerce, cloud computing, and entertainment among other segments. Bezos also owns the Washington Post broadsheet.

Price Action: On Friday, Amazon shares closed nearly 0.1% higher at $3,331.48. On the same day, LVMH OTC shares closed 0.23% higher at $816.

See also: How to Buy Amazon Stock

Photo by Daniel Oberhaus on Flickr

Posted In: Bernard ArnaultBill GatesBlue OriginElon MuskJeff BezosNewsEntrepreneurshipGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.