ARN News Centre

Amazon founder Jeff Bezos no longer world's richest man

Friday, 25 October 2019 10:53

Amazon founder and CEO Jeff Bezos has lost the title of the world's richest man, pushing Microsoft co-founder Bill Gates back to the top spot.

It comes after Bezos lost nearly $7 billion in stock value after Amazon's lacklustre third-quarter results, pushing his fortune down to $103.9 billion.

Another factor that led to a drop in Bezos' net worth is the transfer of his 4 per cent stake to former wife Mackenzie.

Gates, with a net worth of $105.7 billion, regains the top rank after Bezos had ended his 24-year-reign in 2018.

More from Business

DP World launches 36-hour Dubai-Iraq sea link

DP World has launched a 36-hour maritime service linking Dubai’s Mina Rashid with Iraq’s Umm Qasr Port, offering a faster alternative to overland trucking.
Parkin expands into Abu Dhabi under partnership with DAMAC

The paid parking operator Parkin has signed a five-year agreement with DAMAC Properties to manage around 3,600 parking spaces across the developer’s communities in Dubai and Abu Dhabi.
Dubai hosts Sustainable Bio International Forum

The Sustainable Bio International Forum, hosted by Dubai on Friday under the theme “From the UAE…to a Greener World”, discussed the future of sustainable bioenergy and its role in supporting a low-carbon circular economy.
TerraUSD creator Do Kwon sentenced to 15 years over $40 billion crypto collapse

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced on Thursday to 15 years in prison for what a judge called an "epic fraud".
BRIDGE Summit drives $200 million deal to boost UAE's media sector

A $200 million investment multi-dimensional partnership deal has been outlined at BRIDGE Summit 2025 that will position the UAE as the world’s new epicentre for compute, advanced media production and next-generation education.