Amazon.com (AMZN) CEO Bezos World's Third Richest Man, CNBC's Frank Says

Amazon.com (AMZN) CEO Jeff Bezos is now the third richest man on the planet ahead of Warren Buffet, who is the fourth, CNBC's Robert Franks reported today.
By Lindsay Rittenhouse ,

NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report CEO Jeff Bezos grew his wealth to $65.1 billion, becoming the third richest man in the world, CNBC's Robert Frank reported on "Power Lunch" Friday.

"His wealth has followed the roller coaster of Amazon stock over the past year," Frank explained. Amazon's stock has gained 25% in six months and Bezos' wealth grew with it.

Bezos started the year off worth about $60 billion. When Amazon stock declined from its peak a few months ago, Bezos fell with it to around a $43 billion worth, according to Frank.

"Now it's $65.1 [billion], so he's added $22 billion to his wealth just over the past five months. That's just amazing," Frank said.

And now, Bezos slightly tops business mogul Warren Buffet, who is in fourth place with a worth of $65.1 billion.

"We shouldn't feel sorry for him because he gave that money to charity. Buffet gave $2 billion to the Gates Foundation," Frank noted.

Microsoft (MSFT) founder Bill Gates still tops the charts with $78 billion to $89 billion, "depending on who you look at (for) the measurements," and Spanish business magnate Amancio Ortega is the second wealthiest man, with a $73 billion worth.

"This is just amazing when you look at the high beta wealth today," Frank added.

Shares of Amazon are climbing by 0.06% to $120.68 late this afternoon.

(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial).

Separately, TheStreet Ratings rated Amazon as a "buy" with a score of B-.

This is driven by a few notable strengths, which can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and solid stock price performance. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: AMZN

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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