Jeff Bezos retook his position as the world’s third-richest person on Tuesday, passing Google cofounder Sergey Brin after Amazon’s stock climbed following a major shift in its retail strategy.
Amazon shares rose 2.4% to more than $244 after the company announced it would shut down all Amazon Go and Amazon Fresh physical stores. The move is part of a broader plan to focus on same-day online delivery and expand its Whole Foods Market footprint.
Amazon said the Go and Fresh stores failed to deliver a strong customer experience or a business model that could scale. Some of the closed locations will be converted into Whole Foods stores, and the company plans to open more than 100 new Whole Foods locations in the coming years.
The stock increase lifted Bezos’ net worth by about $4.8 billion to $254 billion, according to Forbes’ real-time estimates. That pushed him just ahead of Brin, whose fortune stands at roughly $253 billion. The two billionaires have swapped positions several times in recent weeks.
Alphabet shares rose slightly on Tuesday, but not enough to keep Brin ahead. Larry Page, Google’s other cofounder, remains the world’s second-richest person, behind Elon Musk, who continues to hold the top spot despite a dip in his fortune.
The broader tech sector also saw gains, helping lift major stock indexes. Analysts said Amazon’s decision to refocus its grocery business could strengthen its long-term position as it competes with Walmart, Target and Costco.
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