Jeff Bezos Has Brief Stay as World’s Richest Man

Jeff Bezos Has Brief Stay as World’s Richest Man

Amazon reported its earnings on Thursday, the July 28, 2017. A slight change in the earnings caused the stock to slide down up to three percent and brought Jeff Bezos, the CEO of Amazon, back to the second richest man in the existing solar system. Bill Gates, once again stands as the first richest man in the world. However, in all seriousness, this has been a remarkable quarter for Amazon as it is almost close to finalizing its $13.7 billion deal for Whole Foods. The online retail giant once again appears to squeeze out a tiny amount of profit revenue on top of its massive retail operations. This will also lead to tremendous pressure as the company looks to wind up the deal and attain control over hundreds of thousands of retail outlets throughout the country.

The catch here is that the company is providing a huge range in its revenue that gets transferred into the red- projecting at any place from a loss ranging around $400 million to gains of $300 million. Amazon experienced a satisfying stretch of profits even when it spent rigorously on growth. However, it seems that this scale might change in the next quarter. It’s an indicator that Amazon might go back to burn mode as the firm starts expanding, particularly after acquiring Whole Foods.

The shares of Amazon have witnessed a dramatic rise this year. Amazon shares have grown to almost forty percent since the start of 2017. This massive rise led to Jeff Bezos surpassing Bill Gates as the richest person throughout the globe. This was an iconic torch passing event as Amazon turns into an interface between virtual retail and operations as well as the physical world. Amazon has constantly busted into new areas such as voice recognition via Alexa, live video streaming with Twitch, and now acquired Whole Foods for physical retail operations.

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