Jeff Bezos Loses World’s Richest Man Title to Bill Gates

Jeff Bezos lost his title as the world's richest man Thursday after Amazon shares were knocked down in after-hours trading, Forbes reports. Bezos’ fortune has dropped to $103.9 billion, putting him back behind Bill Gates who has a reported net worth of $105.7 billion. Bezos became the richest man in the world last year, ending Gates’ 24-year run as number one. But a decline in Amazon shares and Bezos transferring a quarter of his Amazon stake to his ex-wife in their divorce settlement has him back in second. On Thursday, Amazon reported a 26% drop in net income in its third quarter which was its first profit decline since 2017. The firm said the drop is down to nearly $10bn in spending on shipping costs.