Bill Gates had held the title since 2013, but now it’s Jeff Bezos who holds the title for richest person in the world.
Amazon shares sailed higher on Thursday before the company’s earnings report release. The share increase of 1.3% was enough to take Bezo’s networth to $90.9 billion. Gates has a networth of $90.7 billion.
Bezos owns roughly 17% of the company. Shares have risen 40% this year so far helping Bezos go from the fourth richest person to the richest person.
Analyst Michael Pachter of Wedbush Securities Inc. commented, “Amazon Prime is why so much physical retail is going away. Anyone who joins Prime shops in retail stores 10 percent less, and that number will keep accelerating as Amazon adds more inventory.”
The firm has a “buy” rating on Amazon right now with a price target of $1,250.
According to Bloomberg who surveyed 34 analysts, the online retail giant is poised to post quarterly revenue of $37.2 billion and earnings per share of $1.42.
Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN) and have not been compensated for this article.