The man behind the world’s most valuable retail company, Amazon has steadily been closing in on the world’s richest man, Elon Musk in reclaiming that title.
Jeff Bezos who runs the $1.643 trillion valued company is now worth $191 billion and within striking distance of the present world’s richest man, Elon Musk, estimated to now be worth $194 billion, according to data retrieved from Bloomberg Billionaire Index.
The online retail giant returns have under his tenure as the chief executive officer of the e-commerce giant actually ranked second among all S&P stocks since the IPO in May 1997.
READ: Elon Musk, first billionaire ever to be worth over $200 billion
The 57-year-old billionaire is the founder of Amazon, the world’s biggest online retailer company on earth. The American based company sells books, household goods, and other retail products through its flagship platform.
His company also controls the Whole Foods grocery chain and offers video streaming services and remains the biggest cloud computing provider worldwide.
His cash at the bank is estimated to be worth $9.7 billion and most of his wealth is tied to its stake in Amazon.
READ ALSO: World richest man, Jeff Bezos holds 5% of his wealth in cash
What this means: Most rich individuals including, successful tech entrepreneurs, fashion icons, and leading hedge fund managers would rather invest most of their funds in assets like stocks, real estate businesses, debt instruments, and lately cryptos than holding a significant amount of cash at the bank because many banks offer unimpressive interest rates.
- Cash is often exposed to inflation, and in some cases depreciate in value faster than financial assets like gold, Bitcoin.
- With that being said, it’s key to note the world’s elite keep a significant amount of cash primarily in case they need it for buying or investing in future assets.
READ: Facebook founder, Mark Zuckerberg, worth $104 billion keeps $2.3 billion in cash
Recall the Chief Executive Officer and Founder, Amazon, recently stepped down from his role and has been replaced by Amazon’s Cloud Computing Division CEO, Andy Jassy.
Bezos stated, “Right now, I see Amazon at its most inventive ever, making it an optimal time for this transition. As the Executive Chairman, he said, he intends “to focus my energies and attention on new products and early initiatives.”
He owns about 11% of Amazon, according to its most recent SEC filing.
