Preface: Something to smirk and snicker about for a Monday morning.
Amazon.com, Inc AMZN 0.38% Chair and recent space traveler Jeff Bezos is no longer the world’s richest person, according to the Forbes Real-Time Billionaire’s List.
What Happened: Bezos, worth $192.6 billion at press time, was displaced by billionaire Bernard Arnault, CEO of the luxury goods firm LVMH Moët Hennessy - Louis Vuitton S.A. LVMUY 1.19% LVMHF 1.25%, and his family.
Arnault and family’s net worth is estimated to be $196.2 billion by Forbes. Other notables on the list include Tesla Inc TSLA 1.01% CEO Elon Musk and Microsoft Corporation MSFT 2.56% co-founder Bill Gates, who occupy the third and fourth spots on the list of the ultra-rich respectively.
Notably, Bezos' displacement from the top spot comes shortly after Amazon's second-quarter numbers were released on Thursday.
Q2 revenue was recorded at $113.1 billion missing consensus estimates of $115.1 billion, while earnings per share came in at $15.12 beating estimates of $12.22. The e-commerce giant's shares tanked in Friday's regular session.
Why It Matters: Arnault studied engineering and worked in the construction field before turning his focus on fashion, as per an earlier report.
Arnault and his family own 47.5% of LVMH shares whose brands span Louis Vuitton, Christian Dior, Celine, Moët & Chandon, Hennessy, and Tiffany.
Bezos successfully completed a space flight on July 20, becoming the second billionaire in recent times to shoot for the void after Virgin Galactic Holdings Inc SPCE 1.24% founder Sir Richard Branson.
Bezos made his beginnings on Wall Street and later went on to found Amazon in late 1994 initially with a focus on books. Bezos stepped down as chief executive of the retail behemoth last month.
Amazon has since then expanded into e-commerce, cloud computing, and entertainment among other segments. Bezos also owns the Washington Post broadsheet.
Price Action: On Friday, Amazon shares closed nearly 0.1% higher at $3,331.48. On the same day, LVMH OTC shares closed 0.23% higher at $816.