Well, that was quick. After reporting yesterday that Jeff Bezos had surpassed Bill Gates to become the world’s richest person, the Amazon CEO has quickly fallen back down to second place.

The news comes after Amazon reported its second quarter earnings which showed a 77 percent drop in profits from last year, meaning the company has gone from an insane $857 million in earnings to “just” $197 million. This has affected Amazon’s stock prices, and with Bezos owning almost 80 million Amazon shares, his personal wealth has also taken a substantial hit.

This morning, The Bloomberg Billionaires Index listed Bezos’s net worth at $89.3 billion, down from yesterday’s peak of around $90.6 billion. Bill Gates’s fortune, meanwhile, has risen to around $90.7. billion.

In other news, here’s why celebrities are trademarking their children’s names.

News & Culture Editor

Berlin-based writer and Rihanna enthusiast.