Microsoft co-founder Bill Gates’ fortune increased by $759 million on Wednesday.
According to Forbes, this 67-year-old billionaire giant has a net worth of $121.5 billion, placing him fifth on the global wealth list.
Microsoft’s outstanding financial quarter, when the tech giant’s dominance was powered by the power of artificial intelligence, can be credited for the recent increase in Gates’ wealth.
Microsoft released strong numbers for the three months period that ended June 30 that far exceeded consensus expectations.
FactSet predicted $55.5 billion in sales and $2.55 in earnings per share for the company, but it actually achieved $56.2 billion in revenue and $2.69 in earnings per share.
During this time, Microsoft’s financial records were broken with all-time highs in gross sales and net profits ($20.1 billion), while the company’s earnings per share were second highest ever.
As a result, the company’s shares increased from $328 to $360, a 6% increase, in just one month. Currently, Bill Gates owns 1.3% of the stock of the corporation.
According to Forbes, the impressive 21% year-over-year rise in operating income in the intelligent cloud category, which includes several of Microsoft’s AI products, was the primary factor in these gains.
Microsoft is now the second most valuable business in the world, with a market capitalization of $2.6 trillion, after experiencing an astonishing $800 billion increase in value just this year.
This expansion has been significantly aided by Microsoft’s strategic investments in the AI industry, which include major commitments and a multibillion-dollar investment in OpenAI, the organization behind the highly regarded ChatGPT.
Microsoft recently launched its “Copilot” generative AI tool, setting a monthly pricing point of $30 for its collection of applications.
When Bill Gates and the late Paul Allen co-founded Microsoft in 1975, the amazing journey that would follow began.
He diversified his holdings throughout time by making investments in a range of businesses, including projects promoting zero-carbon energy.
Despite leaving the Microsoft board in March 2020, Gates still holds roughly 1.3% of the company’s stock.
Beyond his connections to Microsoft, Gates has invested heavily in a number of other businesses, such as Republic Services and Deere & Co. He is notably one of the country’s biggest landowners.
