Shell Energy Entrepreneurs banner Yudala banner
Bill Gates dethroned as world’s richest man

By News Express on 27/07/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 1,841

•World’s richest man Jeff Bezos.
•World’s richest man Jeff Bezos.

A surge in Amazon.com Inc. shares Thursday morning in advance of the online retailer’s earnings report has propelled founder Jeff Bezos past Bill Gates as the world’s richest person.

Shares of the online retailer rose 1.3 percent to $1,065.92 at 10:10 a.m. in New York, giving Bezos a net worth of $90.9 billion, versus $90.7 billion for Gates. If that holds through the 4 p.m. close, Bezos, 53, will leapfrog Gates, the Microsoft Corp. co-founder, on the Bloomberg Billionaires Index. Gates, 61, has held the top spot since May 2013.

Investors and analysts, in addition to watching Amazon’s progress in taking market share in categories such as apparel and groceries, will be scrutinising how many new subscriptions the retailer sold for its $99-a-year Amazon Prime service, which offers delivery discounts and video and music streaming. Prime shoppers spend more than customers who don’t have a membership.

“Amazon Prime is why so much physical retail is going away,” said Michael Pachter, a Wedbush Securities Inc. analyst who has a buy rating on the stock and a price target of $1,250. “Anyone who joins Prime shops in retail stores 10 percent less, and that number will keep accelerating as Amazon adds more inventory.”

Investors also monitor Amazon’s cloud-computing division, Amazon Web Services, a fast-growing and profitable business that accounts for about 10 percent of revenue. Amazon leads the cloud-computing industry, but faces increasing competition from Microsoft and Google parent Alphabet Inc.

Amazon is expected to post quarterly revenue of $37.2 billion, a 22 percent jump from a year earlier, according to the average estimate of 34 analysts surveyed by Bloomberg, and earnings per share of $1.42.

Meanwhile, Facebook Inc.’s intraday gains have helped pull co-founder Mark Zuckerberg, 33, within $200 million of Berkshire Hathaway Inc. Chairman Warren Buffett, 86, who’s currently ranked fourth on the Bloomberg index with a net worth of $74.5 billion.

Bezos owns about 17 percent of Seattle-based Amazon, which has surged 40 percent this year through Wednesday, helping to add $24.5 billion to his net worth. He started 2017 as the world’s fourth-wealthiest person and has since surpassed Buffett and Inditex SA founder Amancio Ortega, 81, who ranks third with $82.7 billion. (Bloomberg News) 

Source News Express

Posted 27/07/2017 5:47 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
KIDNAPPERS OF MIKEL OBI’S FATHER, 21others NABBED in...

Army to soon hand over liberated North-East communities...

Fraud Detection: OAGF trains auditors on forensic and...

RIWAMA condemns incessant arrest, harassment, intimidation of Rivers...

FG clears 9,667 for housing scheme — Okonjo-Iweala...

PDP Spokesman Olisa Metuh arrested, taken into EFCC...

Five killed, 12 injured in auto crash along...

APC-controlled states to set up Security Trust Funds...

Niger Deputy Governor ejected from Govt. House

Falling tree kills 18 at Ghana Waterfall

Expert stresses need for increased physical activities

COINCIDENCES: John F. Kennedy and John K. Fayemi:...

 

Latest News US announces time for relocation of Embassy to Jerusalem Gunmen abduct lawmaker’s 2 children, kill 3 villagers 80 students escape death as fire razes hostel Combat-ready MOPOL to tackle killer Badoo boys, other criminals in Ikorodu Lagos Nigeria, US launch Security Governance Initiative Go for second term, South-East APC leaders urge Buhari Government shutdown takes heavy toll on US workers, economy WHO donates 853 motorcycles to Nigeria for disease surveillance Music star Olamide joins war against drug abuse Kano market fire ‘economically destabilising’ — Buhari Weah sworn in as Liberia president, vows to end corruption Enugu Airport runway wears new look

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (316,475 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (307,085 views) Shameless Genevieve Nnaji exposes breasts in public (245,683 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,867 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,497 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,931 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (156,076 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (140,458 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,391 views) Lagos plane crash: Journalist releases victims’ names (124,844 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (122,206 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (119,190 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,855) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (201) Entertainment (431) Features (541) Global Business Monitor (222) International (1,753) Interviews (139) Live Commentary (28) Love Matters (100) News (32,096) Opinion (869) Pidgin (10) Politics (4,367) Religion (667) Sports (1,408) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!