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As Amazon Shares Fall, Jeff Bezos Is No Longer A Centi-Billionaire

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Amazon CEO Jeff Bezos’ two day streak as the world’s only centi-billionaire is over – for now.

Bezos’ net worth topped $100 billion for the first time on Cyber Monday as Amazon shares soared. On Wednesday, his net worth fell $2.2 billion to $98 billion, as Amazon stock dropped more than 2% from Tuesday’s close as of 1:45 p.m. Eastern Time. Because Bezos owns more than 16% of Amazon, small fluctuations in Amazon’s stock have billion-dollar consequences for his net worth.

READ MORE: Besides Jeff Bezos: 6 People Who’ve Also Been The World’s Richest

While he no longer has a twelve-digit fortune, Bezos is still the richest person in the world by an $8.6 billion margin. The second richest person is Microsoft cofounder Bill Gates, who has an $89.4 billion fortune and has been at the top of the Forbes‘ annual Billionaires List for 18 of the last 23 years. On October 27, Bezos surpassed Gates on Forbes‘ Real-Time Rankings and has held onto the top spot ever since. Three months earlier, Bezos briefly passed up Gates, but dropped into second place after only four hours.

The nearly 60% rise in Amazon stock this year to date has added $33.1 billion to Bezos’ fortune. His net worth has more than doubled since Forbes published the 2016 Billionaires List in March 2016. At that time, he had a net worth of $45.2 billion and had just joined the ranks of the 10 richest people in the world for the first time.

READ MORE: Lessons And Ideas By The 100 Greatest Living Business Minds

After graduating from Princeton, Bezos worked at hedge fund D.E. Shaw before leaving to start an online bookstore from a garage in Seattle in 1994. He took Amazon public in 1997 and one year later joined Forbes‘ ranking of the 400 richest Americans with a $1.6 billion fortune. In the two decades since, Amazon has grown into an e-commerce giant and one of the most valuable companies in the world, propelling Bezos to the top of Forbes’ Real-Time Billionaires List. – Written by 

Billionaires

Tesla Vehicles Could Soon Become Completely Autonomous As Self-Driving Tech ‘Very Close’, Elon Musk Says

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Tesla vehicles could soon be completely autonomous as CEO Elon Musk said the electric vehicle firm is “very close” to achieving level 5 autonomous driving technology, during a virtual appearance at the World Artificial Intelligence Conference in Shanghai.

KEY FACTS

  • “I’m extremely confident that level 5 or essentially complete autonomy will happen and I think will happen very quickly,” Musk said.
  • He added that he is confident “basic functionality” for level 5 complete autonomy will be achieved this year.
  • The technology will allow vehicles to drive on roads without driver input.
  • Tesla, the world’s highest-valued carmaker after overtaking Toyota last week, already operates an Autopilot system that uses external cameras, radars and sensors, but it is driver assisted and does not make the vehicle autonomous.

KEY BACKGROUND

Tech firms, including Uber and Alphabet-owned Waymo, have pumped billions into developing self-driving cars, a futuristic idea that many had predicted would be ready by this year. But limitations around AI have stalled development of the technology. Last month, Waymo and Volvo announced they were teaming up to develop driverless cars for ride-hailing use.

TANGENT

In February, the National Transportation Safety Board found Tesla’s autopilot driver assistance was likely to blame for a fatal 2018 crash in California, leading to the board calling for more regulation of the technology, and for the company to better educate drivers on its limitations.

ADDITIONAL INFO

The road to completely autonomous driving has five levels: Level 0 describes no automation i.e. everyday cars. Level 1 represents features such as adaptive cruise control, while level 2 describes partial automation features that control speed and steering, such as those seen in Tesla vehicles. Level 3 and 4 represent limited driverless capabilities. Level 5 is the point at which a driverless vehicle can navigate all road conditions without human input, according to True Car.

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Elon Musk, Kim Kardashian Endorse Kanye West Running For President

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After years of hints, Kanye West formally announced he is running for president this year in a challenge to Trump, who he once supported, and Democratic rival Joe Biden, winning support from his friend and Tesla CEO Elon Musk.

KEY FACTS

  • Rounding off his Fourth of July, West tweeted on Saturday night: “We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States! #2020VISION.”
  • Musk tweeted in response: “You have my full support!”
  • Wife Kim Kardashian also publicly pledged her support, retweeting West’s statement and adding a U.S. flag emoji.
  • West’s announcement follows years of hints that he would run for office this year which he later postponed to 2024, after publicly declaring at a Fast Company event in 2019: “When I run for president in 2024…We would create so many jobs! I’m not going to run, I’m going to walk.”
  • But the rapper, who recently inked a 10-year deal with Gap through his Yeezy brand, is reportedly yet to file any paperwork to get on state election ballots, while he has missed the deadline for states including Texas, New York, and Indiana.
  • It is not known how serious West’s intentions are this time around, however, he still has time to file as an independent candidate across most states, according to Ballotpedia.
  • West’s declaration was met with skepticism on social media, while some commentators pointed out that it could work out in Trump’s favour.

KEY BACKGROUND

West’s declaration suggests the rapper is looking to cement political ambitions he has expressed throughout Trump’s presidency. West previously forged alliances with Trump, and was pictured in the Oval Office in 2018 wearing a signature Trump ‘Make America Great Again’ cap. He once called the president his “brother” and previously hit back at criticism towards his support for Trump, likening the backlash to racial discrimination. Although he says he didn’t vote in 2016, West later said he “would have voted for Trump”, and earlier this year doubled down, suggesting he would vote for him in November. But that could very well change given Saturday’s announcement.

American rapper and producer Kanye West embraces real estate developer and US President Donald Trump in the White House’s Oval Office, Washington DC, October 11, 2018. West wears a red baseball cap that reads ‘Make America Great Again,’ Trump’s campaign slogan. (Photo by Ron Sachs/Consolidated News Pictures/Getty Images)

TANGENT

West and Musk were pictured together on July 1st, with West tweeting: “When you go to your boys [sic] house and you’re both wearing orange.”

Isabel Togoh, Forbes Staff, Business

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Quote Of The Day

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We have grown past the stage of fairy-tale. As women, we have one common front and that is to succeed. We have to take the bull by the horn and make the change happen by ourselves.

– Folorunso Alakija, Billionaire Businesswoman

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