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For only a few hours, 53-year-old Amazon Chief Executive Officer Jeff Bezos was declared as the richest person in the world for the first time with a net worth of $90.5 billion, slightly ahead to Microsoft co-founder Bill Gates’ $90 billion, when markets opened on July 27, Thursday.

But Bezos’ reign lasted only until morning, as Forbes magazine’s real-time tracking of personal fortunes estimated that the surge in the online retailer shares as high as 1.3% or $1,083.31 dropped to 0.7% or $1,046.

When the markets closed, Bezos secured $88.7 billion fortune, only $1.1 billion behind Gates who gained an estimated $89.9 billion.

Gates, 61, has been in the top spot of the annual rankings since May 2013. But Bezos still has the chance to once again dominate the Forbes’ Real Time Billionaires List.

Despite the drop, this is likely not Bezos’ last time at the top of Forbes’ real-time ranking. Because he owns nearly 17% of Amazon stock, small fluctuations in Amazon’s stock have billion-dollar consequences for Bezos’ net worth,” the magazine stated.

Amazon, as indicated in Bezos’ overview information in Bloomberg.com, is said to be the world’s biggest online retailer. The website also states that the Seattle-based company operates retail websites, and serves as a platform for third-party vendors.

As a skilled entrepreneur, Bezos has made Amazon a diversified electronic commerce company through investing in cloud computing, online video, computing hardware, and artificial intelligence.

In addition, Bezos’ wealth is not limited to his majority share in Amazon, for he also owns the private space firm Blue Origin and the Washington Post newspaper.

Bezos made his name a giant in the industry when Amazon went public in 1988.

Gates and Bezos is followed by Europe’s richest person, Amancio Ortega who owns the world’s largest clothing retailer, Inditex. In the fourth place is Warren Buffet, the chairman and major shareholder of Berkshire Hathaway, an investment company. Facebook co-founder Mark Zuckerberg steps in at the fifth with his social-networking company.

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