Amazon founder Jeff Bezos has once again become the world’s third-richest person after Aamzon’s stock rose 2.4% to above $244. This uptick was followed by Amazon’s announcement that it will shut down all Amazon Go and Amazon Fresh physical stores. The company also revealed that it will now focus more on online same-ay delivery services and expand Whole Foods Marjet with more than 100 new stores in the coming years.Amazon also explained that Go and Fresh formats failed to deliver “truly distinctive customer experience with the right economic model needed for large-scale expansion.” Some of the shuttered stores will be converted into Whole Foods outlets.

Jeff Bezos’ net worth sees a jump

According to Forbes’ Real-time Billionaire list,fortune increased by $4.8 billion (1.9%), bringing his net worth to $254 billion. This pushed him ahead of Google cofounder Sergey Brin ($253.1 billion). Brin’s fellow cofounder Larry Page ($274.3 billion) remains second, behind Elon Musk, whose wealth dipped by $2.7 billion to $775.2 billion.Earlier Tuesday, Mark Zuckerberg overtook Larry Ellison to become the world’s fifth-richest person, with a net worth of $230.1 billion, compared to Ellison’s $221.9 billion.

Amazon announces layoffs

Amazon began notifying 16,000 corporate employees on Janauary 28 that their jobs have been eliminated. HR chief Beth Galetti’s company-wide memo spoke of “reducing layers and removing bureaucracy,” but conveniently sidestepped one crucial detail—which teams were actually getting the axe.Internal Slack messages and executive memos obtained by Business Insider now fill in those gaps, revealing that the cuts are sweeping through both the company’s prized cloud computing division and core retail operations. Many of the affected employees who posted to internal channels seeking job leads held software engineering roles.