Amazon founder and chief executive officer Jeff Bezos on Thursday lost his title as the richest man in the world to Microsoft co-founder Bill Gates, Forbes magazine reported.

Earlier in the day, Amazon reported its third quarter earnings and disappointed investors. The company’s stocks spiralled by as much as 9% in the after-hours trading. His fortune is now worth $103.9 billion, and Gates is worth $105.7 billion.

Bezos owns 57,610,359 shares of Amazon, and according to the most recent Securities and Exchange Commission filing, that means a loss of nearly $6.9 billion. In 2018, he became the richest man in the world, ending Gates’ 24-year run at the top.

Bezos also transferred stocks worth around $36 billion when he finalised his divorce with his wife MacKenzie Bezos in April. It was said to be the biggest divorce settlement in history.

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