Souq.com deal makes Amazon's CEO Jeff Bezos second-richest man in the world

Published March 30th, 2017 - 08:52 GMT
Jeff Bezos added $1.5 billion to his fortune after Amazon gained $9 billion in market value following the Souq.com deal. (AFP/David Ryder)
Jeff Bezos added $1.5 billion to his fortune after Amazon gained $9 billion in market value following the Souq.com deal. (AFP/David Ryder)

Amazon CEO Jeff Bezos is now the second richest person in the world.

Bezos added $1.5 billion to his fortune after Amazon gained $9 billion in market value during trading on Wednesday. 

The 53-year-old's net worth is now $75.6 billion, according to Bloomberg's Billionaires Index. 

Bezos surpassed Berkshire Hathaway CEO Warren Buffet ($75.5 billion) and Inditex fashion group chairman Amancio Ortega ($74.1 billion) for the second spot.

Bill Gates is still the richest man in the world with a net-worth of $86 billion.

Bezos has added $10.2 billion this year to his wealth. He is third richest on Forbes' list of world billionaires with a wealth of $75.2 billion.

As well as Amazon, Bezos also owns space exploration company Blue Origin, which aims to eventually take people on space tourism trips.  

The bump in wealth comes after Amazon shares rose $18.32 on Wednesday - just one day after the company purchased the Middle East's biggest online retailer Souq.com for an undisclosed amount.

Amazon and Souq.com said they expect the sale to close this year.   

In buying Souq.com, Amazon will leapfrog into the crucial Mideast markets of Egypt, the United Arab Emirates and Saudi Arabia, where the Dubai-based retailer already has local operations.

As a private company, Souq.com hasn't had to file public earning reports, though the website last year raised more than $275 million in a round of financing that the company said would help fuel its future growth.

Souq.com's status as a free-zone firm also means Amazon will be able to run a 100-percent foreign-owned operation. Amazon's entry into the UAE comes after Apple Inc. opened its first stores in the Arab world in Dubai and the UAE capital of Abu Dhabi in October 2015.

By Emily Crane

 


© Associated Newspapers Ltd.

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