A pop in Amazon's stock on Thursday morning made the company's president and CEO Jeff Bezos the richest man on Earth, according to Forbes. Fred Katayama reports.
A jump in Amazon's stock turned the company's president and CEO Jeff Bezos into the richest man on Earth, according to Forbes. Bezos' net worth is now $91.5 billion. He surpassed the previous title holder, Microsoft co-founder and philanthropist, Bill Gates. Gates' net worth is estimated at $90.1 billion. Economist Cary Leahey says it's paper money. (SOUNDBITE) (English) DECISION ECONOMICS, SENIOR ADVISER AND CHIEF U.S. ECONOMIST, CARY LEAHEY SAYING: "What you have to remember is the market is making him rich based on his ownership of Amazon, and Amazon is not making a heck of a lot of money. The market is saying that, at some point in time, they will generate so much market share that they can set their own prices. This is extremely profitable, and that's so he's done what he's he's done. So it's really a tribute to someone who latched on to the strength of the so-called new economy, and Internet economy, and has ridden it." Amazon's stock has surged more than forty percent over the last year, adding tens of billions of dollars in wealth to Bezos. According to Thomson Reuters data from April, Bezos holds nearly 81 million shares of Amazon, or about 17 percent of the company.