Jeff Bezos displaces Mark Zuckerberg as world’s second richest man

Jeff Bezos is now the second richest man in the world overtaking Mark Zuckerberg. The Bloomberg Billionaire’s Index indicates that Musk is valued at $2410 billion, Bezos at $210 billion, and Zuckerberg at $209 billion As of October 15.

This places the co-founder of Facebook ahead of other notable industry figures, such as former Microsoft CEOs Steve Ballmer and Bill Gates, and co-founder of Oracle Larry Ellison, who is also vying for a membership in the club.

Jeff Bezos established the online retailer Amazon.com In 1994, . In addition, he owns The Washington Post and Blue Origin. In addition to running the Whole Foods supermarket chain, the Seattle-based business offers cloud computing and streaming services. In 2023, Amazon had revenue of $574.8 billion, up from $514 billion in 2022.
Amazon began as an online bookshop, claiming to have the largest ebook collection in the world at the time—a collection as large as the river after which it was named—and then increased its focus on books to establish itself as a major participant in the rapidly expanding e-commerce industry.

There are only 2,781 billionaires globally out of the approximate 8 billion people. Of them, just three are members of the elite $200 billion club: Elon Musk, the CEO of Tesla and the richest person on the planet; Jeff Bezos, the founder of Amazon; and Mark Zuckerberg, the CEO of Meta

Amazon’s shares increased slightly in early Tuesday trading after a well-known Wall Street analyst published an upbeat assessment of the firm before its quarterly results report.

Next week, some mega-cap tech companies, including Amazon (AMZN), one of the top performers among the so-called Magnificent 7, will release their third-quarter earnings. This year, the company’s market worth increased by almost $400 billion, strengthening its position as a leading division and increasing the profit margins of its e-commerce sector.

“We believe that Amazon will continue to engage in important growth projects and provide a robust combination of long-term revenue growth and operating margin expansion.” Goldman Sachs analyst Eric Sheridan reiterated his ‘buy’ bias.

“We remain convinced that investments to offer lower price points and expanded selection, including essentials, are sound long-term strategic decisions.”
According to Wall Street estimates, Amazon will report $157.2 billion in total revenue for the three months that ended in September. This represents a 9.8% increase over the same period the previous year, with Web Services sales increasing by about 19.2%.