Amazon CEO earns over $1 billion in one night.

Jeff Bezos surpassed investment legend Warren Buffett with a total net worth of $65.3 billion, an increase of $1.3 billion yesterday thanks to rising Amazon stock prices.

On July 28th, Bezos's net worth briefly rose to $66.5 billion. He replaced Buffett as the world's third richest person, according to Forbes.

Bezos owns 18% of Amazon's shares. The e-commerce giant's stock rose 2% yesterday, driven by Amazon's better-than-expected revenue last quarter, which increased 31% year-on-year to $30.4 billion. The company's profit was $857 million, several times higher than the $92 million recorded in 2015.

Amazon is notorious for reporting very little, or even no, profit each quarter. However, a turning point came last year, when the company's profits began to improve steadily.

Jeff Bezos currently has a net worth of $65.3 billion. Photo: Forbes.

Since February, the company's stock has risen 50%. Its Prime service – offering free shipping and many additional services for customers paying an annual subscription – has seen impressive international growth. In June, Amazon launched the service in India to capitalize on the large consumer market there.

Amazon also attracts Prime subscribers by offering a video streaming service – competing with Netflix. Prime Day, the company's annual online shopping festival held earlier this month, was also the day they achieved record sales.

Although Amazon doesn't release official figures, research firm Consumer Intelligence Research Partners estimates the number of Prime users in the US to be around 63 million. On average, each user spends approximately $1,200 per year.

The company's cloud computing segment also saw strong growth. Amazon Web Services (AWS) revenue increased 58% to $2.89 billion. This figure exceeded analysts' forecasts of $2.83 billion.

They have also expanded their business areas, such as opening an online grocery store in the UK. Earlier this month, the company announced a partnership with Wells Fargo, offering discounted student loan rates for Prime Student members.

According to VNE