Jeff Bezos passes Warren Buffett as world's third-richest person

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Move over, Warren Buffet, there's a new third-richest man in town.

On Thursday, after a less-than-pleasant day on Wall Street, Warren Buffet was knocked from the top 3 spot. According to Bloomberg's Billionaire Index, Buffett lost more than $754 million, due to a slide in shares of his company, Berkshire Hathaway. Jeff Bezos lost money, too, but at the end of the day, Bloomberg analysis put the Amazon CEO slightly wealthier than Buffet by .1 billion. As it stands Bezos's new net worth is $65.1 billion while Buffet sits at $65 billion even.

RELATED: Jeff Bezos' secrets to success

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jeff bezos secrets to success

Use your childhood passions as a starting point

Bezos' passion for science as a child fueled his ability to create, innovate and discover.

It's reported that he invented an electric alarm in his parents' garage to keep his half-siblings out of his room. 

Photo credit: Getty

Remember where you came from

Bezos used to spend his summers working on his grandfather's cattle farm. It's helped keep Bezos humble, and serves as a reminder to always work hard.

Photo credit: Getty

Be prepared for ideas to strike you at any time

Bezos wrote down his business plan on a car ride from NY to Seattle.

Photo credit: Getty

Be open to rebranding

Bezos originally wanted to call Amazon "Cadabra" but changed his mind when potential customers were mispronouncing and mishearing the name. 

Another former name, "Relentless," still redirects its URL to Amazon today.

Photo credit: Shutterstock

Adopt a unique management strategy

Bezos implements a company policy in which each employee has to spend two days after every two years at the customer service desk.

Best part? This includes Bezos himself.

Photo credit: AP

Abide by the "Two Pizza Rule"

Bezo's golden rule: In order to have a successful business venture, one should form small teams consisting of the number of people it would take to finish two pizzas.

Photo credit: Getty

Don't think that you're immune to failure

Amazon.com crashed for 40 minutes in 2013, costing the company $4.8M. 

Photo credit: Getty

Never stop expanding 

Since Amazon has launched, the company has made several million-dollar acquisitions, such as Zappos, IMDB and The Washington Post.

Bezos also founded a space travel company called Blue Origin in 2000 and is currently chairing the construction of  a 10,000 year clock in Texas.

Photo credit: Shutterstock

Train your employees for success, no matter where they go

Amazon employees leave the company skilled and ready to blaze trails of their own. Former employees include Jason Kilar (founder of Hulu and Vessel) and Charlie Cheever (founder of Quora).

Photo credit: Getty

Don't limit yourself to one specialty 

Amazon started solely as an e-book seller. The company now sells goods across over 15 categories.

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