Jeff-Bezos

Jeff Bezos Surpasses Bill Gates to become the World’s Richest Man

updated on 1 August 10.25 Am(UTC)

UPDATE 2:

Today on 1 August at 10.20 Am(UTC) Jeff Bezos has fallen down to third spot with Armancio Ortega coming to second spot with $84.5B comparing to Jeff Bezos $84.1B net worth. Bill Gates hold the first spot with $89.7B worth. 

UPDATE 1:

As on 29 July at 4.30 Am(UTC) Bill Gates had made a big lead of $2.9B over Jeff Bezos with a net worth of $89.8B as compared to Bezos $86.7B. 

UPDATE:

As on 6.15 Pm(UTC) Bill gates has grabbed the no one spot again with net worth of $89.8B to Jeff bezos tumbling down to $89.5B. To get all the latest updates check the page again. 

To Check the Real time net worth Click Here

Jeff-Bezos

Amazon founder Jeff Bezos has surpassed Bill Gates to become the richest person in the world. Amazon’s share price jumped by more than $15 per share overnight on Wednesday, edging Bezos past Gates. Bezos now has a net worth of $90.5 billion. A 2.5% rise in Amazon shares on Thursday means Mr Bezos’s wealth has now eclipsed the Microsoft co-founder by $1.4bn. Bezos, 53, owns about 17% of the shares in Amazon, whose value has now exceeded $500bn. In recent years the Amazon founder has devoted more time to his interests outside the company. It include his rocket maker, Blue Origin, and The Washington Post. However, Bezos will likely hit another smaller milestone much sooner.  He’s well on his way to becoming “the first 12-digit man” with a net worth of $100 billion.

Jeff Bezos Biography.

EARLY LIFE and Education:

jeff-bezos-early-age_pic

Jeff Bezos who had surpassed the Bill Gates to become the most richest person of the world was born of 12 January, 1964. He was born as Jeffrey Preston Jorgensen  in Albuquerque, New Mexico  to Jacklyn and his biological father, Ted Jorgensen. The Jorgensens were married less than a year, and when Bezos was 4 years old his mother re-married, to Cuban immigrant Mike Bezos. As a child, Jeff Bezos always shows interest in things mechanism, how they work. He turns his parents’ garage into a laboratory and rigging electrical contraptions around his house. in his teen aging he moved with his family to Miami where he also grows love for computers and also graduated valedictorian of his high school. Jeff Bezos often displayed scientific interests and technological proficiency; he once rigged an electric alarm to keep his younger siblings out of his room. Business was like his oxygen. During his high school he started his first business, the Dream Institute, an educational summer camp for fourth, fifth and sixth graders.

At Princeton university, he pursued his interest in computers where he graduated summa cum laude in 1986 with a degree in computer science and electrical engineering.

Business Life:

Early career:

After graduation, he found work at several firms on Wall Street, including Fitel, Bankers Trust and the investment firm D.E. Shaw.

Amazon.com

Jeff Bezos set up the office for his company in his garage where, along with a few employees, he began developing software.  After it they expanded operation into a two bedroom house, equipped with three Sun Microstations, and eventually developed a test site. Then after inviting three hundred friends to beta test the site, Bezos opened Amazon.com, on July 16, 1995. It is named after the meandering South American River. Initial success of company was disastrous. With no press promotion, Amazon.com sold books across the United States and in 45 foreign countries within 30 days. In two months, sales reached $20,000 a week, growing faster than Bezos and his start-up team had envisioned.

jeff-bezos-amazon

In 1997 Amazon.com become public. It make many market analysts to question whether the company could hold its own when traditional retailers launched their own e-commerce sites. But after two years later the results were applauding. The start-up not only kept up, but also outpaced competitors, becoming an e-commerce leader. He continued to expand  Amazon’s offerings with the sale of CDs and videos in 1998. And later clothes, electronics, toys and more through major retail partnerships. While in 90’s all other sites were busting,Amazon.com  flourished with yearly sales that jumped from $510,000 in 1995 to over $17 billion in 2011. Jeff Bezos is known for his attention to business details. As described, he “is at once a happy-go-lucky mogul and a notorious micromanager; an executive who wants to know about everything from contract minutiae to how he is quoted in all Amazon press releases.  Amazon Instant Video feature was initially launched as  Amazon Unbox on TiVo in 2006. Kindle, a handheld digital book reader that allowed users to buy, download, read and store their book selections was also released by company in 2007.  In same year 2007, Jeff Bezos announced his investment in Blue Origin. It is a Seattle-based aerospace company that develops technologies to offer space travel to paying customers. Bezos entered  Amazon into the tablet marketplace with the unveiling of the Kindle Fire in 2011.  He also announced the new Kindle Fire HD, the company’s next generation tablet designed to give Apple’s iPad a run for its money.

“We haven’t built the best tablet at a certain price. We have built the best tablet at any price,”

Bezos said, according to ABC News.

Bezos sold slightly more than one million shares of his holdings in the company for $671 million. It is the largest amount of money he had ever raised in  sale of his Amazon holdings in May 2016. Further in that year on 4 August, Bezos sold slightly more than one million shares of his holdings in the company for $671 million, making it the largest amount of money he had ever raised in a sale of his Amazon holdings. On June 19, 2016, Bezos owned 83.9 million shares of Amazon stock, being 16.9% of all shares outstanding, with a market value of $83.9 billion.

 

Blue Origin:

In 2000, Jeff Bezos founded Blue Origin, a human spaceflight startup company, partially as a result of his fascination with space travel, including an early interest in developing “space hotels, amusement parks, colonies and small cities for 2 million or 3 million people orbiting the Earth.” The company was kept secret for a few years; it became publicly known only in 2006 when it purchased a sizable aggregation of land in west Texas for a launch and test facility. In a 2011 interview, Jeff Bezos indicated that he founded the space company to help enable “anybody to go into space” and stated that the company was committed to decreasing the cost and increasing the safety of spaceflight. In September 2016, he said that he hoped to colonize the solar system. Recently, Bezos also revealed that he was selling about $1 billion in Amazon stock a year to finance his Blue Origin rocket company.

The Washington Post:

Bezos made headlines worldwide on August 5, 2013. He purchased The Washington Post and other publications affiliated with its parent company, The Washington Post Co., for $250 million. The deal marked the end of the four-generation reign over The Post Co. by the Graham family, which included Donald E. Graham, the company’s chairman and chief executive, and his niece.

jeff-bezos-life

Other Major Investments:

Bezos was one of the first shareholders in Google, when he invested a sum of  $250,000 in 1998. That $250,000 investment resulted in 3.3 million shares of Google stock worth about $3.1 billion today. He has also invested in Unity Biotechnology, a life-extension research firm hoping to slow or stop the process of aging.

 

Its the story of Jeff bezos to becoming the rich of all.

Vikrant

Vikrant is a tech geek and an avid gamer. He writes about technology and gaming here at TheSubvertus.

  • Hitesh Malkan

    Hi, very nice article keep it up with the good work...Thanks

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