Jeff Bezos Loses $20 Billion in Hours as Amazon Shares Slump

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Amazon का share 14% गिरने की वजह से, Jeff Bezoz दुनिया के तीसरे सबसे अमीर व्यक्ति बने

The Bloomberg Billionaires Index is a daily ranking of the world's top 500 richest people. The figures are updated at the close of every trading day in New York.

Forbes' Real-Time Billionaires rankings tracks the daily ups and downs of the world’s richest people. The value of individuals’ public holdings are updated every 5 minutes when respective stock markets are open

Jeff Bezos lost $20 billion of his wealth on Friday bringing him down to the third spot in the Forbes list of world’s richest people.

The drop came after Amazon’s stock tanked following a downbeat earnings report

The company’s stocks fell by 14 percent as it reported a massive loss of $3.84 billion in the last quarter

As of Saturday, Jeff Bezos’ net worth was valued at $150.1 billion down from $170.5 billion on Thursday.

Bezos is now behind No. 2 Bernard Arnault, the French luxury tycoon whose net worth is estimated at $157.7 billion by Forbes.

Most of Bezos’ fortune consists of Amazon stock as he owns an 11.1 percent stake in the company.

Therefore, with a drop in Amazon’s stock price, Bezos’ fortune took a hit on paper.

However, he may be able to recover if Amazon’s stock price rises again before he sells his shares.

His wealth has taken a massive blow since it hit a peak of $210 billion last year, making him the world’s richest person at the time as per New York Post report.

Bloomberg Billionaire Index showed that the world’s 500 richest people lost a total of more than $54 billion on Friday amid the broader market drop.

MacKenzie Scott, Bezos’ college sweetheart and former wife, who took 25 percent of his Amazon stock in a divorce settlement, also witnessed a $7 billion cut in her wealth dropping to $37.6 billion, according to Forbes.

As per a Dailymail UK report, Bezos has lost about $44 billion from his net worth since the beginning of this year.

Amazon stunned Wall Street on Thursday as it reported a loss of $3.84 billion, or $7.56 per share, for the first three months 2022. It was in stark contrast to its last year’s first quarter report that reflected a profit of $8.1 billion, or $15.79 per share.

Amazon is contending with higher labour costs following massive hiring made during the pandemic.

Also, a surge in inflation may hold back sales for the e-commerce giant this year.