Jeff Bezos is now the richest person in the world, with a fortune of more than $90 billion.
The Amazon CEO took the title previously held by Microsoft founder Bill Gates when markets opened Thursday and Amazon stocks edged up 1.6 percent — adding $1.4 billion to Bezos’ net worth, according to Forbes.
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His new net worth of $90.6 billion is about $500 million more than Gates, Forbes reported.
Bezos becomes the seventh person to be crowned world’s richest person since the magazine started tracking billionaires around the globe 30 years ago.
While Bezos has dethroned Gates, the numbers don’t represent all of the money Gates has made over the years, Forbes said. As of the end of 2016, Gates had given away about $31.1 billion to philanthropic causes through the Giving Pledge, a movement he created with Berkshire Hathaway CEO Warren Buffett to encourage billionaires to give away at least half of their fortunes to charity.
Bezos has not signed the pledge, but had donated approximately $100 million to charity through the end of 2015, Forbes reported.
Meanwhile, Facebook founder Mark Zuckerberg, is now the sixth-richest person in the world with an estimated $66.7 billion.
In its quarterly report, Facebook beat analyst expectations on profitability and on revenue, the ninth straight quarter it has done so. Between April 1 and June 30, total revenues were $9.32 billion, a 45% increase over last year’s second quarter. That surge was driven largely by mobile advertising. Profits also rose substantially; the company posted earnings per share of $1.32, a 69% gain from the same period in 2016.
In all, Facebook shares are up more than 50% since January, equivalent to a market cap increase of nearly $170 billion. Zuckerberg’s net worth has risen in turn; his fortune has jumped over $24 billion since January 1 . That success has come while social media rivals Twitter and Snap continue to languish on public markets.
Zuckerberg, 33, founded Facebook in 2004 as a 19-year-old student at Harvard. He later dropped out as sophomore to focus full-time on the startup. The business, which began as a small social networking platform for Ivy League universities, now has more than 2 billion monthly active users.
Following Wednesday’s earnings release, Zuckerberg postedon his personal Facebook profile to celebrate the results. “I’m proud of the progress our community is making,” he wrote, adding that the platform’s success “comes with a responsibility to make sure we have the most positive impact on the world that we can.”
As Zuckerberg has already learned many times over, striving to make the planet more connected can also be a highly lucrative endeavor.