Jeff Bezos is now the second-richest person in the world after Amazon.com announced its plans to purchase Dubai-based online retailer Souq.com.
Bloomberg said the move pushed Amazon's stock up, allowing Bezos, 53, to increase his fortune by $1.5 billion for a total net worth to $75.6 billion, edging out Warren Buffett by $700 million on the Bloomberg Billionaires Index. The move also allowed Bezos to pass Europe's richest person, Inditex S.A. founder Amancio Ortega by $1.3 billion.
Bezos, though, remains $10.4 billion behind the survey's kingpin, Microsoft cofounder Bill Gates, who has a net worth of $86 billion, reported Bloomberg.
CNBC reported that Souq.com is the largest internet retail platform in the Arab world and reportedly attracts more than 45 million visits per month. The network said Amazon was purchasing the platform for an unnamed amount.
"Amazon and Souq.com share the same DNA – we're both driven by customers, invention, and long-term thinking," Russ Grandinetti, Amazon's senior vice president, international consumer, said in a statement.
"Souq.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We're looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we'll work hard to provide the best possible service for millions of customers in the Middle East," the statement continued.
Souq.com features more than 8.4 million products across 31 categories that include consumer electronics, fashion, health and beauty, household goods, and baby products. Along with Dubai, Souq.com has operations in Egypt and Saudi Arabia, according to Amazon's statement.
"We are guided by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region," Ronaldo Mouchawar, Souq.com's cofounder said in the Amazon statement.
"By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon's great track record of empowering sellers," Mouchawar added.
Since starting Amazon as an online bookseller, Bezos continued to diversify the e-commerce site. According to the price and product intelligence service 360pi, Amazon carries 12.2 million products, depending heavily on marketplace sellers to complete it shelves.
Bezos became a media owner in 2013 when he purchased The Washington Post, according to Biography.com.
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