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Jeff Bezos Loses The World's Richest Person Crown

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Jeff Bezos Loses The World's Richest Person Crown

Amazon.com, Inc (NASDAQ: 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. (OTC: LVMUY) (OTC: 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 (NASDAQ: TSLA) CEO Elon Musk and Microsoft Corporation (NASDAQ: 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 (NYSE: 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

 

Related Articles (AMZN + LVMUY)

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Posted-In: Bernard Arnault Bill Gates Blue Origin Elon Musk Jeff BezosNews Entrepreneurship General Best of Benzinga

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