Monday, November 27, 2017

Jeff Bezos leaves Bill Gates behind

Jeff Bezos, the founder of Amazon, one of the biggest e-commerce platforms, has gone past Bill Gates to reach the $100 billion net worth milestone. Bezos is also the second after Gates, founder of Microsoft, to make the breakthrough.

According to a report by Bloomberg, Amazon owner's net worth shot up by $2.4 billion to reach $100.3 billion. This came as the shares of the online retailer jumped 2% just at the time of Black Friday sales. The percentage increase in the purchase numbers on Amazon is by 18.4 over the last year, adds the news website citing data from Adobe Analytics.

It is worth adding that Bill Gates hit the $100 billion net worth mark back in 1999. According to Bloomberg Billionaires Index's latest data , Bezos is leading the race followed by Gates at $89.1 billion, Warren Buffett at $78.7 billion, Amancio Ortega by $75.9 billion and Mark Zuckerberg at $75.3 billion. The second half of the top 10 list includes Carlos Slim, Bernard Arnault, Larry Ellison, Larry Page and Sergey Brin.

Bezos already got the title for being the richest person in the world for a brief time period earlier this year. The Amazon owner is said to sell its shares and flow it through another owned company Blue Origins.

Tuesday, March 22, 2011

World’s Top 2 richest men to visit India this week
Two of the world's richest men, software pioneer Bill Gates and investor Warren Buffett, are set to visit India this week to persuade the country's super-wealthy to part with more of their cash.

The pair made headlines last year when they said they would seek to get fellow billionaires to commit half of their wealth to good causes as part of the "Giving Pledge". So far, 59 rich Americans have taken the pledge.

But while charitable giving is widespread in countries such as the United States, it is less well established in developing nations such as India and China, where Gates and Buffett went in September on a similar mission.

The former, in an open letter in the Times of India newspaper, said he and Buffett plan to sit down with some of India's affluent business leaders "to talk about our own enthusiasm for philanthropy and the impact it can have".

"We come not as preachers, but more like cheerleaders," said Gates, just a few months on from the billionaires' high-profile China trip, where they wined and dined the country's richest industrialists to promote charity.

Fast-growing India is home to some of Asia's richest billionaires, making it "an exciting time to be having this conversation," added Gates.

But while there is no shortage of billionaires for Gates and Buffett to meet, it may not be the easiest of missions.

India's booming economy - growing by nine percent annually - has 55 billionaires with an average net worth of $4.5 billion, according to Forbes, the third-largest pool of billionaires after the United States and China.

Yet rich Indians are often criticised by local media for a reluctance to part with their cash. In fact, India's wealthiest social class has the lowest level of giving - just 1.6 percent of household income compared to 1.9 percent for the country's middle classes, according to global consultancy Bain and Company.

A $2 billion education donation by high-tech tycoon Azim Premji late last year was a rare exception - and shone a harsh light on the patchy philanthropic track record of India's wealthy.

Arpan Sheth, a consultant for Bain who is author of a recent overview of Indian philanthropy, said the country's charitable potential is huge. "Should individuals in India, particularly the well-off, be giving more? And can they afford to make more and larger donations? The answer to both questions is, 'Absolutely yes'," he said.

Philanthropic activity has failed to keep pace with growing riches, partly, Sheth believes, because the rapid accumulation of individual wealth is still a relatively new phenomenon.

"We have a history of scarcity and so it takes a while to build confidence that the future will be better on a sustainable basis and let go of newly earned wealth," said Sheth. There is also a suspicion that charities are badly managed and so donors fear their contributions "won't be put to good use or are at risk of being misappropriated," Sheth added.

The Bill and Melinda Gates Foundation, the charity set up by the software tycoon and his wife, was tight-lipped about the visit, citing security.

According to India's Business Standard newspaper Gates, his wife and Buffett would hold talks with the country's wealthy on Thursday in New Delhi.

There is no doubt that the need to help India's teeming poor is glaring. Some 42 percent of Indians, or 455 million people, live on less than $1.25 a day, according to the World Bank. India's statistics on health, infant mortality and malnutrition are worse than those for some countries in sub-Saharan Africa.

There are signs, though, that India's billionaires are waking up to the urgent need to bridge the yawning gap between rich and poor in the country of 1.2 billion people.

India's richest man Mukesh Ambani, who heads the country's largest private company Reliance Industries, warned earlier this month that "there will be no peace" if people are "discontented, deprived, unhappy and therefore angry."

Friday, January 16, 2009

Witnessing the End of an Internet Era
Steve Jobs departure for health reasons comes some seven months after his rival Bill Gates retired from Microsoft.

The two culture-changing men were seen as leaders of rival camps:- personal computer lovers versus the cult of Macintosh computers.

The dueling technologies had faces at which people aimed praise of scorn. Gates was the PC. Jobs is the Macintosh.

According to historian Peter Friess, who is the president of The Tech Museum of Innovation in the Silicon Valley, “Jobs and Gates, both born in 1955, grew up during the socially rebellious 1960s and bear its mark”.

Gates and Jobs both dropped out of college to pursue dreams of building computers for people. While the first PCs and "Macs" were sold by Gates and Jobs before there was a Web to surf, the men led their respective companies to glory in the Internet Age.

In a rare joint appearance, Jobs and Gates reminisced on stage at an All Things Digital conference in California two years ago. The men joked that their rivalry was misunderstood.

Early this week, Jerry Yang, the very public face of Internet pioneer Yahoo Inc., was replaced as chief executive by Carol Bartz.

What could be the meaning of the retirement or departure of these technology icons? Are we witnessing the end of an Internet era??

Blog Archive