Jeff Bezos has gone from the richest person in the world to the wealthiest person in history after his net worth reaches $211 billion.

On Tuesday, the 57-year-old raked in a further $8.4 billion when Amazon stock skyrocketed 4.7 per cent after the Pentagon revealed it has cancelled its $10 billion JEDI contract with Microsoft.

The Department of Defence released a statement saying that “due to evolving requirements, increased cloud conversancy, and industry advances, the JEDI Cloud contract no longer meets its needs.”

The record was previously held by SpaceX founder Elon Musk who had a personal net worth of $210 billion in January.

Bezos is now the wealthiest person on record since Bloomberg started its Billionaire Index back in 2012.

The $1 million cloud computing contract was contested by Amazon immediately after being awarded to Microsoft in October 2019.

Bezos claimed that former President Donald Trump had coerced senior military staff into deliberately steering the contract away from Amazon.

The former President has been vocal about his dislike of the Amazon founder who owns The Washington Post, a daily newspaper often denounced by Trump.

The Pentagon has now confirmed that a new contract can be pursued by both Microsoft and Amazon, confirming that they are the only cloud service providers who can meet its needs.

Both companies are expected to profit from the new contract.

Last year, the Pentagon’s inspector general revealed that an investigation into political interference had turned up no evidence to support the allegations.

However, in a report published in April 2020, he concluded that because of limited cooperation by the White House the investigation could not be successfully completed.

Toni Townes-Whitley, president of U.S. regulated industries at Microsoft, said: “The 20 months since DoD selected Microsoft as its JEDI partner highlights issues that warrant the attention of policymakers: when one company can delay, for years, critical technology upgrades for those who defend our nation, the protest process needs reform,”

He added that the ruling “doesn’t change the fact that not once, but twice, after careful review by professional procurement staff, the DoD decided that Microsoft and our technology best met their needs.

“It doesn’t change the DoD Inspector General’s finding that there was no evidence of interference in the procurement process. And it doesn’t change the fact that the DoD and other federal agencies – indeed, large enterprises worldwide – select Microsoft to support their cloud computing and digital transformation needs on a regular basis.”

What would you do with $211 billion in the bank?