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Jeff Bezos Slips Down To Being The Second Richest Person In The World On Monday

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As Jeff Bezos transferred 25% of his stakes in Amazon, worth $35 billion, to his ex-wife MacKenzie Tuttle – his share prices tanked by a smidge. But that was enough for him to slide down to the second position in the list of the richest people in the world.
On Monday, a French billionaire surpassed Jeff Bezos to become the world’s richest person. He is Bernard Arnault, the chairman of the LVMH Group that owns the luxurious fashion brand Louis Vuitton.

How it all happened: 

Jeff Bezos transferred $35 billion to his ex-wife

Image Credit: Forbes

After Jeff Bezos and MacKenzie Tuttle’s divorce for finalized, they reached a settlement that Bezos would be transferring 25% of the stakes in Amazon to MacKenzie. The amount comes to a staggering 35 billion dollars!

There was a time when Jeff Bezos was soaring with $140 billion with him, but now he has $110 billion, and he is still soaring.

Louis Vuitton share prices are rising high and fast

Image Credit: Gulag
French luxury conglomerate LVMH struck a deal with American luxury jeweller Tiffany & Co. and their shares have been rising ever since.
On Monday, Bernard Arnault surpassed Jeff Bezos to become the richest person in the world with a net worth of $109.6 billion as Bezos slided below him.
Although, by the end of the day Jeff Bezos reclaimed the top spot as Arnault remained at the second – well ahead of Bill Gates who is at the third place.

By 2020, Bernard Arnault will be the richest person in the world and Bezos will be left far behind

Amazon shares have mostly been at a decline during the last quarter, and at one point Bezos was behind Bill Gates as well.

The new acquisition deal that LVMH has made with Tiffany and Co. will be cemented by next year, and Bernard Arnault will finally have a net worth that will be much more than Jeff Bezos.

How much is a billion really?

Let’s say you had a great job where you made $100 an hour, and you worked for 10 hours a day for five days in a week. You’d be making $1000 a day, $5000 a week, and $260,000 a year!

It’d still take you 3846 years to make one billion dollars.

To make as much money as Jeff Bezos, it’ll take you almost 424,000 years – which is twice as much as the duration humans have been existing on this planet.

No one needs or deserves that kind of money. But here we are.

 

 

Featured Image Courtesy: BeFunky

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