Bezos loses R197 billion after disappointing Amazon performance

Amazon.com Inc.’s weaker-than-expected second-quarter results has sent its founder’s fortune tumbling.

The net worth of Jeff Bezos fell $13.5 billion after Thursday’s after-market results missed Wall Street’s expectations and foreshadowed an end to the retailer’s pandemic-fueled sales surge.

The drop erased 80% of his wealth gains for the year.

Amazon’s shares dropped 7.2% to $3,339.18 at 9:53 a.m. in New York, lowering the company’s ex-chief executive officer’s fortune to $193.6 billion.

He still remains the world’s richest person, according to the Bloomberg Billionaires Index, some $8 billion ahead of Tesla Inc.’s Elon Musk.

It’s been a mixed week for America’s richest tech billionaires.

While Google-parent Alphabet Inc.’s rosy earnings boosted the net worth of co-founders Sergey Brin and Larry Page, strong results from Microsoft Corp. and Facebook Inc. didn’t translate into a wealth-bump for their billionaire shareholders.

Mark Zuckerberg, who spent the week touting his vision of Facebook’s future as an all-encompassing “metaverse,” lost $5.4 billion Thursday as the social networking company’s shares fell the most in two months over concern about growth in advertising sales.

Now read: Jeff Bezos launches into space on his own rocket

Latest news

Partner Content

Show comments

Recommended

Share this article
Bezos loses R197 billion after disappointing Amazon performance