Jeff Bezos, Amazon.com founder and CEO, is now the second-richest person on the planet, besting Warren Buffett of Omaha-based investment conglomerate Berkshire Hathaway. Bezos' wealth climbed to $75.6 billion on Wednesday, according to the Bloomberg Billionaires Index.
Helping Bezos get to the No. 2 perch: A rally in Amazon shares to a record. They closed up 2 percent at $874.32, lifting Amazon's market cap to $422 billion. Bezos owns nearly 17 percent of Amazon's shares, worth $70 billion, according to S&P Global Market Intelligence. Barclays Capital on Wednesday started coverage of Amazon with a buy rating and a price target of $1,120, saying it could become one of the first $1 trillion dollar market-cap companies.
This week Amazon said it would buy Middle Easte-commerce retailer Souq.com. According to Bloomberg, it's terminating 263 jobs at its Quidsi unit, which includes Diapers.com and Soap.com, because it had trouble turning a profit.