Amazon Stocks fell to a record seven percent low due to which its CEO, Jeff Bezos, lost the title of the World’s Richest Man. The stocks declined in the third quarter, which led to falling in the net worth of Jeff Becoz to 103.9 Billion dollars. After that, Bill Gates gained the top spot with a total value of 105.7 billion dollars.
However, just a day after losing the Top Spot of the World’s richest man, Jeff Becoz regained the position as the shares of Amazon recovered. Jeff Becoz net worth totaled to 111 billion dollars again. Incidentally, the difference in Bill Gates and Becoz net worth is only 3 Billion dollars now.
Jeff Becoz Loses Worlds Richest Man’s Title as Amazon shares Drop
The price of Amazon’s shares profoundly impacts Jeff Becoz total assets as he owns around 12 percent of them. The slight decline in the shares of the company’s valuation makes a significant change in his worth. Amazon’s shares have seen a massive decrease of a whopping 27 percent in the third quarter of 2019.
Divorce also a reason for Decline in Becoz Net Worth
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Becoz wealth began to decline in April after his wealth decreased from 150 Billion dollars to 115 billion dollars. It was majorly due to his divorce to Mackenzie Becoz after 25 years of marriage.
Jeff had to wean off a quarter of Amazon’s holdings to his former wife MacKenzie as a divorce settlement in July. She had received 32.7 Billion dollars. The Divorce compensation is also considered a reason for the loss of Jeff Becoz title of the World’s richest man.
Jeff Becoz Broke Bill Gate’s 24 Year Record
Bill Gates has been the World’s richest man for 24 years, and then Amazon’s Jeff Becoz became the proponent of the title in 2017.
The founder and CEO of the World’s largest online retail chain had briefly lost his position as the World’s richest man on Thursday. He lost the place to Bill Gates for a few hours and reclaimed it again.
Becoz the First Centi-Billionaire in World
Jeff Becoz is the first person with a personal wealth increasing 100 billion dollars last year. He is the World first centi billionaire, and he continued his success spree for years; however, there was a little roadblock for a while on Thursday, October 25.