Amazon CEO Jeff Bezos overtakes Warren Buffet, is now second richest person on earth
Jeff Bezos, the Amazon CEO is now the second richest person in the world, leaving the likes of Amancio Ortega and billion investor Warren Buffett behind.
According to Bloomberg, the founder of e-commerce giant has beaten Amancio Ortega and Warren Buffett to become second wealthiest individual with total assets $75.6 billion or Rs 4.91 lakh crore.
Microsoft founder Bill Gates is still the richest man in the world with a net-worth of $86 billion (Rs 5.58 lakh crore).
Bezos has added a whopping $10.2 billion (Rs 66,000 crore) this year to his wealth.
Bezos fortune Amazon.com's share price rose to $18.32 on Wednesday and the jump came just after a day the company announced to buy Souq.com, the Middle East's largest online retailer.
In buying Souq.com, Amazon will leapfrog into the crucial Mideast markets of Egypt, the United Arab Emirates and Saudi Arabia, where the Dubai-based retailer already has local operations.
As a private company, Souq.com hasn't had to file public earning reports, though the website last year raised more than $275 million in a round of financing that the company said would help fuel its future growth.
Souq.com's status as a free-zone firm also means Amazon will be able to run a 100-percent foreign-owned operation. Amazon's entry into the UAE comes after Apple Inc. opened its first stores in the Arab world in Dubai and the UAE capital of Abu Dhabi in October 2015.
The website's major investors have included Tiger Global Management LLC and South Africa-based Naspers Ltd.