A new generation of tech tycoons is fast gaining ground on the old guard — especially when it comes to the size of their bank accounts.
From New York Post
The personal fortunes of Amazon founder Jeff Bezos, as well as Alphabet’s Larry Page and Sergey Brin, continued to surge after the companies’ first-quarter earnings blew past Wall Street’s expectations late Thursday.
Facebook founder Mark Zuckerberg was also a beneficiary of Friday’s tech rally as Facebook shares hit an all-time high, even though the social-media giant isn’t due to report earnings until next week.
Amazon gained 0.7 percent Friday, closing at $924.99. Shares popped as much as 2.6 percent in earlier trades, which briefly vaulted Bezos’ personal fortune to just above $80 billion.
Bezos’ ascent has him closing in on the current richest person in the world, Microsoft founder Bill Gates.
Disappointing results from Microsoft sent the software giant’s shares down 0.4 percent in early morning trades, but the stock ended the day up 0.3 percent, keeping Gates’ net worth just above $87 billion.
The Microsoft founder became the world’s richest person in 1995 and has maintained the title for much of the time since then.
But in recent years a new breed of titans has been closing in on Gates.
Bezos currently holds the No. 3 spot and is virtually tied with Zara founder Amancio Ortega at No. 2.
Not far behind them is Facebook’s Zuckerberg, who holds the fifth spot with a net worth of $63.5 billion, placing him roughly $11.5 billion behind Warren Buffett in the fourth spot.
With Facebook up more than 1.7 percent Friday, Zuck added roughly $1 billion to his net worth.
Meanwhile, Google founders Larry Page and Sergey Brin saw their fortunes jump by roughly $1.5 billion each as Alphabet shares popped 3.6 percent Friday, raising the company’s market capitalization by $22 billion to $631 billion.
Page and Brin are the 11th and 12th richest people in the world, according to Bloomberg, with their fortunes pegged at $44.7 billion and $43.7 billion, respectively..
In the broader market, the tech-heavy Nasdaq ended the day down one point at 6,047.61 but still comfortably above the 6,000 milestone mark reached on Tuesday.
The S&P 500 and Dow Jones Industrial Average both closed down 0.2 percent.