Steve Ballmer surpasses Bill Gates to become the sixth richest person in the world

Steve Ballmer surpasses Bill Gates to become the sixth richest person in the world Steve Ballmer, former CEO of Microsoft, has surpassed the company's co-founder Bill Gates in wealth, marking the first time Gates has been overtaken by a former subordinate. This shift occurred on July 3rd, with Bloomberg's Billionaires Index indicating Ballmer's net worth at an estimated $157

Steve Ballmer surpasses Bill Gates to become the sixth richest person in the world

Steve Ballmer, former CEO of Microsoft, has surpassed the company's co-founder Bill Gates in wealth, marking the first time Gates has been overtaken by a former subordinate. This shift occurred on July 3rd, with Bloomberg's Billionaires Index indicating Ballmer's net worth at an estimated $157.2 billion, while Gates's net worth stands at $156.7 billion.

Ballmer, the owner of the NBA's Los Angeles Clippers, is known for his booming voice. He took over as Microsoft CEO in 2000 after Gates. His wealth surge primarily stems from the appreciation of Microsoft shares, benefiting from the rise of artificial intelligence, solidifying the company's position as the world's highest-valued company with a market capitalization of $3.3 trillion. Ballmer is Microsoft's largest shareholder, holding approximately 333.25 million shares, representing about 4% of the company's stock.

Gates has stepped down from Microsoft's board and is focusing on philanthropic endeavors. His wealth has been partially affected by his divorce, and he has invested billions of dollars in building the Bill & Melinda Gates Foundation, valued at $75 billion, one of the world's largest charitable organizations.

Gates's wealth primarily originates from his Microsoft holdings and Cascade Investment, which owns stakes in various industries, including hospitality, agriculture, waste management, retail, automotive sales, and food. In the past 12 months, Microsoft's share price has risen nearly 35%, surpassing the S&P 500's 23% increase during that period.

While Ballmer's fortune is primarily tied to his Microsoft stake, another significant asset is the Clippers, valued at approximately $4.5 billion.

Gates co-founded Microsoft in 1975 with the late Paul Allen. Five years later, he hired his Harvard classmate Ballmer, who became Microsoft's 30th employee and first business manager.

Under the leadership of current CEO Satya Nadella, Microsoft is not only a leader in cloud computing but has also integrated AI systems into its product suite.

Gates divorced Melinda French Gates, his wife of 27 years, in 2021. The divorce terms were not publicly disclosed, but Melinda received $12.5 billion from the settlement, which she plans to use for her own philanthropic endeavors. She also resigned from her position as co-chair of the Bill & Melinda Gates Foundation.

This shift marks a reshuffling of wealth in the tech world and reflects the impact of artificial intelligence on the industry. Ballmer's rise also showcases his leadership and investment acumen at Microsoft, as well as his remarkable accomplishments in the business world.