Fidelity bank banner UBA banner
Bill Gates dethroned as world’s richest man

By News Express on 27/07/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,252

•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 Share on Google+


 

CLASSIFIED ADS

 

You may also like...
My travails in the hands of Nigeria’s law...

Urhobo Progressive Union hails Ijaw youths’ role in...

BREAKING NEWS: Doctors suspend nationwide strike

Buhari tasks African leaders on accountability, good neighbourliness...

Nigerian striker dies of heart attack during match...

2019: Parties rush to beat INEC deadline for...

Ogun police aiding and abetting criminality — Rights...

Office of the National Security Adviser reviews national...

NLNG faults linkage to allegedly recovered loot, dismisses...

Ex-Borno Governor, Modu Sheriff, surrenders to EFCC

Abia Guber: Ikpeazu floors another challenger at Supreme...

Edo legislature summons electric company over estimated bills...

 

Latest News Buhari’s second term in office will be a nightmare, By Olusegun Bamgbose Thousands mark Car Free Day in Ethiopia; opt to walk, exercise Trump’s top pick for Chief of Staff turns down offer Huawei CFO seeks bail on health grounds as China summons US envoy Saudi Arabia refuses to hand over suspects in Khashoggi case Boko Haram kills two soldiers in fresh attack Appeal Court nullifies conviction of Shell MD, others Gunmen kidnap PDP chieftain in Kebbi Jibril is Buhari’s look-alike, not his clone — Kanu Fayemi lifts embargo on Ecobank, GTbank, Zenith Bank Buhari must go, Obasanjo insists 70 million Nigerians need housing, says Minister

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (429,277 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (394,452 views) Shameless Genevieve Nnaji exposes breasts in public (327,390 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (280,745 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (247,574 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,134 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (211,884 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,130 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,352 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,311 views) Lagos plane crash: Journalist releases victims’ names (167,063 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,572 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,870) Business Verdict (54) Columnists (972) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (311) International (2,800) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (64) News (41,297) Opinion (1,150) Pidgin (13) Politics (8,093) Religion (911) Sports (1,812) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera