1. Jeff Bezos slips to number 3 in world’s richest people list as Amazon falls by 3%

Jeff Bezos slips to number 3 in world’s richest people list as Amazon falls by 3%

Founder, chairman, and chief executive officer of Amazon.com, Jeff Bezos slipped to number three spot in world's richest people as the tech giants fell by more than 3 percent on Friday, sapping $2.6 billion from his net worth

By: | New Delhi | Published: June 10, 2017 11:10 AM
Jeff Bezos, amazon, Jeff Bezos slips, Jeff Bezos richest man, bezos, amazon Jeff Bezos, amazon india, facebook, bill gates, worlds richest man, richest man in world Founder, chairman, and chief executive officer of Amazon.com Jeff Bezos to number three spot in world’s richest people. (Source: Reuters)

Founder, chairman, and chief executive officer of Amazon.com, Jeff Bezos slipped to number three spot in world’s richest people as the tech giants fell by more than 3 percent on Friday, sapping $2.6 billion from his net worth, according to a report by bloomberg. The report added that Amazon.com Inc dropped a total of 8.6 billion dollars on Friday after the online retailer was caught in the downdraft of investor jitters over the technology sector’s valuations. The impact was faced by Bezos himself who had recently become the richest person in the world pushing him to No. 3 on the Bloomberg Billionaires Index with $83.9 billion.

The list features some of the biggest names from the industry. Bill Gates remains at the top of the ranking with Spanish retailing magnate Amancio Ortega at No. 2. Meanwhile, Facebook Inc. co-founder Mark Zuckerberg, and the co-founders of Google parent Alphabet Inc.: Larry Page and Sergey Brin, together shed $4.6 billion in the decline.

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Since becoming the richest man in the world, Bezos has aggressively invested in India in a bid to take on the local rival, Flipkart. A couple of months go, Amazon had announced 4,000 new warehouses in the country that are estimated to provide employment to about 4,000 people. Amazon had committed an investment of $5 billion in the Indian market, will have 41 warehouses or Fulfilment Centres (FCs) by the end of June this year.

“This (new FCs) will double our storage capacity this year as compared to last year. We continue to invest in strengthening our infrastructure to match our pace of business expansion in India,” Amazon India Customer Fulfilment Vice President Akhil Saxena had told PTI. “These FCs will help us deliver faster and enable thousands of small and medium businesses to fulfil their orders in a cost-efficient manner,” he added.

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