Tuesday November 19, 2019
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Jeff Bezos, Bill Gates Running out of Money to Support Services Such as Police, Fire and Parks

The cost of fire services have increased nearly two-fold in 2019

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Amazon.in arrived in India on June 5, 2013 and for world's top billionaire Jeff Bezos, has transformed the way the country buys and sells. VOA

The Washington town where billionaire Amazon Founder and CEO Jeff Bezos and Microsoft co-founder and philanthropist Bill Gates live is running out of money, the media has reported.

Bezos and Gates, who are worth nearly $119 billion and $107 billion, respectively, have homes in the small town of Medina, in Washington, which is running out of money to support services such as police, fire and parks.

Global retail behemoth Amazon is headquartered in Seattle while software giant Microsoft is just outside the city. “A town newsletter sent out this month is urging residents to vote yes on a ballot measure that would lift the property tax cap.

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Microsoft founder Bill Gates. Flickr

“You may find it hard to imagine that the City doesn’t have enough income to sustain current service levels, particularly in this economy. While property values continue to rise, the City’s tax revenues don’t rise in tandem, the newsletter read,” the Fox Business reported on Tuesday. The cost of fire services have increased nearly two-fold in 2019.

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“This fall, the question of how to maintain Medina will go to voters. The Medina City Council is placing a levy lid-lift measure on the Nov. 2019 ballot. If approved, the levy lid-lift would provide funds to continue current service levels without significant cuts,” the newsletter stated, according to the Fox Business. The town has a population of just over 3,000 people, and is the seventh-richest zip code in the country. (IANS)

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Bill Gates Officially Surpasses Jeff Bezos as Richest Person on Earth: Report

The Bezos couple finalised their divorce in April in what was reported as the biggest divorce settlement in history, entitling MacKenzie Bezos to Jeff Bezos' stocks worth around $36 billion

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Bill Gates, co-chair of the Bill & Melinda Gates Foundation. VOA

Billionaire philanthropist Bill Gates officially surpassed Amazon CEO Jeff Bezos at world’s richest person on Earth with a net worth of $110 billion — according to the latest Bloomberg Billionaires Index.

The Microsoft co-founder had briefly topped Bezos as the world’s richest man last month after Amazon’s lacklustre Q3 results resulted in Bezos losing nearly $7 billion in stock value.

Bezos ended Gates’ 24-year run as the richest man in 2018 with a net worth of $160 billion.

According to CNN, Gates regained the lead on Friday after Microsoft stock went up nearly 48 per cent this year, helping boost the value of his stake in the tech giant.

Jeff Bezos
Jeff Bezos, Amazon founder and owner of Blue Origin. (Wikimedia Commons)

Amazon’s Cloud arm AWS losing $10 billion Pentagon project to Microsoft has also helped the Satya Nadella-led company gain on the stock market.

Gates debuted on Forbes’ first ever billionaire list in 1987 with a net worth of $1.25 billion.

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Bezos first joined The Forbes 400 list of richest Americans in 1998, one year after Amazon went public, with a net worth of $1.6 billion, the report added.

The Bezos couple finalised their divorce in April in what was reported as the biggest divorce settlement in history, entitling MacKenzie Bezos to Jeff Bezos’ stocks worth around $36 billion. (IANS)