Bill Gates is no longer the richest person at Microsoft

The rise in Microsoft stock helped former Microsoft CEO Steve Ballmer surpass Bill Gates for the first time to become the 6th richest person in the world.

Former Microsoft CEO Steve Ballmer surpassed Bill Gates for the first time to become the 6th richest person in the world. Photo: Alamy

According to the Economic Times, former Microsoft CEO Steve Ballmer has officially surpassed Bill Gates after closing the trading session on July 1 to become the 6th richest person in the world, marking the first time that this billionaire owns a net worth greater than the Microsoft co-founder.

The fact that Microsoft shares continue to soar is the main reason why Ballmer’s fortune has more than $3 billion in just one session.

The partnership with OpenAI, one of the biggest beneficiaries of the AI craze in the US stock market, continues to be a growth driver for Microsoft. Since the beginning of the year, Microsoft shares have risen by more than 21%.

According to the Bloomberg Billionaires Index, more than 90% of Ballmer’s net worth of $157.2 billion comes from Microsoft stock.

Meanwhile, Bill Gates’ $156.7 billion portfolio is more diverse. Specifically, about half of the Microsoft co-founder’s assets are held through Cascade Investment, a fund established with proceeds from the sale of shares and dividends of this company.

In addition, Bill Gates also owns $21 billion in waste management company Republic Services. Philanthropy is also a reason for Gates’ wealth to decline year by year.

Currently, he, his ex-wife Melinda French Gates and close friend Warren Buffett have poured nearly $60 billion into the Gates Foundation, making it one of the largest charitable organizations in the world.

Bill Gates founded Microsoft with his friend Paul Allen in 1975 and led the company until 2000. Later, it was Ballmer, one of the company’s first employees, who replaced him as CEO.

In 2014, Ballmer retired and became Microsoft’s largest shareholder. In the same year, the billionaire bought the NBA’s Los Angeles Clippers for $2 billion. The investment is now estimated to be worth $4.6 billion, more than double what Ballmer spent.