{"id":340232,"date":"2017-07-28T13:36:43","date_gmt":"2017-07-28T13:36:43","guid":{"rendered":"http:\/\/citifmonline.com\/?p=340232"},"modified":"2017-07-28T13:36:43","modified_gmt":"2017-07-28T13:36:43","slug":"bill-gates-overtake-jeff-bezos-to-retain-richest-man-tittle","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=340232","title":{"rendered":"Bill Gates overtake Jeff Bezos to retain richest man tittle"},"content":{"rendered":"

Jeff Bezos, the owner of online retail giant\u00a0Amazon.com, briefly held the top spot as the world’s richest person earlier on Thursday when his personal wealth surpassed $91 billion.<\/p>\n

Bezos briefly beat out Bill Gates,\u00a0the 61-year-old co-founder of Microsoft Corp, who has held the top spot since May 2013, with $90 billion.<\/p>\n

But Bezos quickly slipped to second best when Amazon reported its second quarter earnings\u00a0showing a profit of $197 million on strong sales of $38 billion.<\/p>\n

The dip in profit is a 77 per cent drop from $857 million this time last year, and it’s\u00a0mainly due to Amazon\u2019s aggressive investments in its own business.<\/p>\n

Around 9.30am on Thursday, shares of Amazon.com jumped 1.8 per cent to $1,071.31 in\u00a0New York, pushing Bezos’ personal wealth to over $91 billion.<\/p>\n

Bloomberg noted that if shares of Amazon.com maintained to the end of trading at 4.00pm, Bezos, 53, would surpass Gates on the Bloomberg Billionaires Index.<\/p>\n

\"Jeff
Jeff Bezos<\/figcaption><\/figure>\n

And Bezos did, but only for a short time.<\/p>\n

But the time of market close on Thursday, Bezos was already back in second place with $88.5 billion, but stronger earnings would have brought him back to the top by Friday, according to The Verge.<\/p>\n

Amazon was projected to post a 22 per cent jump in its quarterly revenue, rising to an estimated $37.2 billion based on the average assessment of 34 analysts surveyed by Bloomberg, with earnings per share of $1.42.<\/p>\n

Amazon’s diverse portfolio, which includes apparel and groceries, is helping boost its market projections, but investors are keeping an eye out for an increase in the company’s subscription-based services.<\/p>\n

The internet retailer sells a $99 -a-year Amazon Prime service, which offers delivery discounts and video and music streaming.<\/p>\n

Michael Pachter, a Wedbush Securities Inc analyst, told Bloomberg that ‘Anyone who joins Prime… shops in retail stores 10 per cent less, and that number will keep accelerating as Amazon adds more inventory.’<\/p>\n

‘Amazon Prime is the reason why so much physical retail is going away,’ Pachter added, referring to traditional brick-and-mortar businesses.<\/p>\n

–<\/p>\n

Source: Daily Mail<\/p>\n","protected":false},"excerpt":{"rendered":"

Jeff Bezos, the owner of online retail giant\u00a0Amazon.com, briefly held the top spot as the world’s richest person earlier on Thursday when his personal wealth surpassed $91 billion. Bezos briefly beat out Bill Gates,\u00a0the 61-year-old co-founder of Microsoft Corp, who has held the top spot since May 2013, with $90 billion. But Bezos quickly slipped […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[107],"tags":[282,5572,9683,9660],"class_list":["post-340232","post","type-post","status-publish","format-standard","hentry","category-international","tag-amazon","tag-bill-gates","tag-bloomberg","tag-jeff-bezos"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/340232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=340232"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/340232\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=340232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=340232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=340232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}