Navigation
Suscribe
Menu Search Facebook Twitter
Search Close
Menu ALL SECTIONS
  • Capital Coahuila
  • Capital Hidalgo
  • Capital Jalisco
  • Capital Morelos
  • Capital Oaxaca
  • Capital Puebla
  • Capital Quintana Roo
  • Capital Querétaro
  • Capital Veracruz
  • Capital México
  • Capital Michoacán
  • Capital Mujer
  • Reporte Índigo
  • Estadio Deportes
  • The News
  • Efekto
  • Diario DF
  • Capital Edo. de Méx.
  • Green TV
  • Revista Cambio
Radio Capital
Pirata FM
Capital Máxima
Capital FM
Digital
Prensa
Radio
TV
X
Newsletter
Facebook Twitter
X Welcome! Subscribe to our newsletter and receive news, data, statistical and exclusive promotions for subscribers
Business

Forbes: Amazon CEO Bezos Was Briefly the World's Richest Man 

Forbes said Bezos' net worth was about $90.6 billion when the market opened Thursday

In this Jan. 28, 2016, file photo, billionaire Amazon founder and Washington Post owner Jeff Bezos talks about the history and character of the Post during a dedication ceremony for its new headquarters in Washington, photo: AP/J. Scott Applewhite, File
3 months ago

NEW YORK – Amazon CEO Jeff Bezos briefly became the world’s richest man Thursday in Forbes magazine’s tracking of wealth, as stock in his e-commerce company hit an all-time high.

Microsoft founder Bill Gates reclaimed the lead by afternoon, as Amazon’s stock fell nearly 1 percent for the day to $1,046.

Amazon shares have been trading at a record high. They hit $1,083.31 at about noon Thursday. According to securities filings, Bezos owns about 80 million shares, or 17 percent; those shares were valued at more than $87 billion at the peak. Bezos also owns The Washington Post through a holding company.

Forbes said Bezos’ net worth was about $90.6 billion when the market opened Thursday. Gates had $90.1 billion. Forbes said Gates would have been the undisputed leader had he not given billions of dollars away to various philanthropic causes. Bezos issued a request for philanthropic ideas in a tweet in June, just before Amazon announced a $13.7 billion deal for organic grocer Whole Foods.


The changes in Bezos’ fortune coincided with Amazon’s report of a 77 percent decline in quarterly profit on heavy spending. Shares fell another 2 percent in after-markets trading as the company missed Wall Street’s expectations on profit.

Amazon said it earned $197 million, or 40 cents per share, in the second quarter, down from $857 million, or $1.78 per share, a year ago. Analysts surveyed by Zacks investment Research were expecting earnings of $1.40 per share on revenue.

Revenue grew 25 percent to $38 billion, compared with $30 billion a year ago. That topped expectations of $37.2 billion.

But Amazon has long been known for investing the money it makes back into its businesses. For the second quarter, Amazon reported operating expenses of $37 billion, a 28 percent increase from a year earlier.


In a conference call, Amazon Chief Financial Officer Brian T. Olsavsky braced investors for even more spending in the second half of the year. Amazon will continue to open new warehouses to fulfill orders, even though sales tend to slow down in the third quarter before rising again during the holidays. He also said Amazon has been spending more to acquire video for its streaming service and to lease properties for data centers to meet growth in its cloud-services business.

Just a day earlier, Amazon said it plans to hire thousands of warehouse workers on the spot at job fairs across the country. Nearly 40,000 of the 50,000 jobs will be full time, and most of them will count toward Amazon’s previously announced goal of adding 100,000 full-time workers by the middle of next year.

And Amazon will be spending even more to buy Whole Foods if the deal goes through, as expected. Olsavsky said he expects Whole Foods will complement Amazon’s other channels for selling groceries, including AmazonFresh deliveries and an experimental Go convenience store in Seattle.

“There’s no one solution,” he said. “We’ll see how customers respond.”

ANICK JESDANUN

Comments Whatsapp Twitter Facebook Share
More From The News
Sports

NBA Changes All-Star Game Format; Captai ...

3 weeks ago
Business

World Stocks Mixed as Investors await mo ...

3 weeks ago
World

Sweden Grants Temporary Asylum to 106-Ye ...

3 weeks ago
World

Puerto Rico Raises Hurricane's Official ...

3 weeks ago
Most Popular

SMA hosts int’l legislators meeting

By Administrador
Mexico

SHCP reports healthy debt levels

By Administrador
Mexico

New transparency system on May 6

By Administrador
Mexico

Francis condemns ‘dealers of death’

By Administrador
Mexico

Chiapas Gov. Awards Poet and Anthropolog ...

By Administrador
Mexico