SAWT BEIRUT INTERNATIONAL

| 17 September 2021, Friday |

Amazon’s Jeff Bezos loses claim to world’s richest man title

Amazon CEO Jeff Bezos momentarily lost his title as the world’s richest man when his company’s share price dropped by seven percent last week.

The hit to the company’s value represented a loss of $13.9 billion to Bezos’ net worth, according to marketwatch.com.

French tycoon Bernard Arnault took the number one spot from Bezos. Arnault leads luxury goods conglomerate LVMH – which owns a number of brands including Louis Vuitton, Sephora, and Tiffany & Co.

Arnault’s wealth grew by nearly $100 billion during 2020, despite the worldwide recession brought about by the coronavirus pandemic.

His net worth sat at $195.8 billion as of Monday compared to Bezos’ $192.6 billion.

Bezos made history in 2020 by pushing his net worth above $200 billion as Amazon’s net worth skyrocketed during pandemic lockdowns.

Restrictions on in-person shopping led to huge gains for the online retailer.

He channeled some of his wealth into space exloration venture Blue Origin, with which he blasted off into a sub-orbital space flight in July.

There are around 2,755 billionaires in total worldwide, 86 percent of whom are richer than they were one year ago.