Jeff Bezos Just Dropped Back Down to the World’s Second-Richest Person
(2017-07-28 from TIME)
A dip in Amazon stock sent CEO Jeff Bezos back down to being the second-richest person in the world, just hours after he surged ahead of Bill Gates in net worth Thursday morning.
Amazon’s stock dropped about 3% after it reported its second quarter earnings in the afternoon. As a result, Bezos’ worth fell from 90.9 billion to 89.8 billion on Thursday evening. Gates once again sits atop the list with a net worth of 90.8 billion, according to Bloomberg.
The company’s stock had hit an all-time high Thursday morning, though the value fell after Amazon posted a 197 million net income—down 77% from its net income of 857 million in the same quarter last year.
Amazon also projected either a potential operating revenue loss of up to 400 million or a gain of up to 300 million for the current quarter, Reuters reports. That falls far short of income estimates of more than $900 million, according to Reuters.
Amazon shares have increased 40% since the earlier this year, as its rapid growth has included a 13.7 billion bid for Whole Foods. But the Q2 earnings indicate the company’s profit may not swell at a similar pace.
(source:http://time.com/money/4877439/jeff-bezos-second-richest-amazon/?xid=homepage)