Update: Jeff Bezos’ time as the world’s richest man came to an end after Amazon’s stock price settled down a bit. The original story follows.

Original Story: For years, the term world’s richest man has come to be associated with former Microsoft CEO Bill Gates. However that mantle has now been snatched by Jeff Bezos who raced ahead of Gates to become the world’s richest man, beating the former record holder by $1.5 billion.

Amazon shares reached an all time high of $1,083 before settling for $1,055. At this time, Bezos was worth $92.3 billion ahead of the $90.8 billion that Gates was worth. The hike in share price increased Bezos’ worth by $2.5 billion allowing him to move ahead Gates who has held the position since 2013. It’s worth noting that both men have been tech CEOs of leading companies in the sector along with Facebook, Google and Apple.

Amazon has been having a rather impressive run off late. It recently made a bid for Whole Foods for a whopping $13.7 billion and its Prime service has been taking in rapid strides. It recorded a quarterly revenue of $35.3 billion which was a significant growth over last year’s $29.1 billion in the same period. It is also making rapid expansion plans in Southeast Asia. Bloomberg is reporting that Amazon expects to post a $37.3 billion revenue for Q2 this year.