Hopefully Jeff Bezos enjoyed his brief time at the top of the billionaire food chain.
Amazon’s chief exec grabbed the title of world’s richest person on Thursday morning, as shares of the e-commerce heavyweight ticked upward heading into its Q2 earnings — sending Bezos’ net worth north of $90 billion.
But with Amazon’s stock falling two percent after reporting a 77 percent drop in profit, Bezos was leapfrogged by Microsoft co-founder Bill Gates — the same man he surpassed six hours earlier.
Gates has held the crown for 18 of the past 23 years, building his fortune as the CEO of the Seattle-based software giant. He’s been increasingly focused on the charity he runs with his wife, the Bill & Melinda Gates Foundation, in recent years, but Bezos would know he’s a tough businessman to grapple with if he’s seen “The Simpsons.”
And despite the drastic drop in profits, Amazon still continues to print money. It hauled in $38 billion during the second quarter, surpassing analyst projections of $37.2 billion. Its sales increased 25 percent year-over-year. As the company continues to reinvest its cash into its array of products and services, don’t be surprised to see Bezos and Gates routinely swap bragging rights in the years ahead.