Jeff Bezos beats Warren Buffett to be the third richest man in the world again

15 Sep, 2016

Ecommerce giant Amazon's founder and CEO Jeff Bezos is the world's third richest man again pulling down Berkshire Hathaway's Warren Buffett.

On Tuesday, Buffett's net worth slipped by $1.3 billion, according to Forbes. At the end of trading in the US on Tuesday, Bezos had doubled his lead over Buffett and had an estimated net worth of $65.8 billion. That is $300 million more than Buffett, once the world's richest man.

The drop in Buffett's wealth was on account of the Well Fargo scandal in the US. Buffett was hit by a steep decline in the stock price of the bank, which was once the most valued bank in the country. Buffett personally owns two million shares of Wells Fargo, and Berkshire Hathaway owns 10%. Wells Fargo was found to have opened fake accounts and credit cards for customers without them having any idea and to have collected fees from these accounts.

The two billionaires have been in close contention to the third slot in the list of the world's richest individuals since July 22 this year. This is the third time Bezos has overtaken Buffett.

In India, Amazon, the world's largest e-commerce company is in fierce competition with the country's largest e-commerce player Flipkart. In June this year, Bezos had announced a massive $3 billion investment in its India business.

Meanwhile Flipkart's promoters Sachin Bansal and Binny Bansal were pushed off the billionaires' club this year.

On July 22, 2016, Bezos had briefly surpassed Buffett during trading hours for the first time. The Amazon CEO again passed Buffett nearly a week later.

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