Billionaire Watch
Jeff Bezos fast closes in on Elon Musk to reclaim world’s richest title
Jeff Bezos 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.
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Recall the Chief Executive Officer and Founder, Amazon, recently stepped down from his role and has been replaced by Amazon’s Cloud Computing Division CEO, Andy Jassy.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.
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Billionaire Watch
Jeff Bezos is world’s richest man, as Elon Musk loses $15 billion in a day
Jeff Bezos has once again become the world’s richest person for the second time this month.
The race for the world’s richest person on earth has obviously become very volatile, particularly in the month of February.
Jeff Bezos, the founder of Amazon the world’s biggest online retail company, has once again become the world’s richest person for the second time this month, after surpassing Elon Musk some hours ago, according to the real-time data retrieved from the Bloomberg Billionaire index.
Bezos’s current wealth valuation of $186 billion has seen his personal wealth, which mostly comes from Amazon stocks, immune against record sell-offs as seen in Tesla stock price in the past few days.
READ: Top 5 billionaires lost $8 billion in a day
Elon Musk has fallen to 2nd position, as he is currently worth $184 billion, taking into consideration his net worth plunged by $15.2 billion on Tuesday, as Tesla shares lost about 8.55% in value.
The drop in Elon Musk’s wealth after Tesla stopped taking new orders for the lowest-priced version of its Model Y.
However, stock experts have not ruled the car company out, on the account, it gained 743% last year.
READ: Tips that will help you win in business – Amazon Founder
That being said, Amazon had continued to stay more stable like a valued stock coupled with the properly managed team created by Jeff Bezos while he reigned at Amazon as its CEO.
- Under Jeff Bezos’s 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.
- Amazon is the world’s biggest online retailer company. The American-based company sells books, household goods, and other retail products through its flagship platform.
The company also controls the Whole Foods grocery chain and offers video streaming services. It remains the biggest cloud computing provider worldwide.
The 57-year-old billionaire’s present wealth valuation would presently buy 102 million troy ounces of gold or 2.79 Billion barrels of crude oil.
