May 23, 2022

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Jeff Bezos loses $13 billion as Amazon shares plunge

Jeff Bezos loses $13 billion as Amazon shares plunge

Financial Gazette – Santiago

Jeff Bezos, the founder of Amazon who is considered the second richest person in the world, saw $13 billion of his fortune evaporate after results from Amazon.com Inc. Investors are disappointed.

Shares of the e-commerce company fell more than 8% in early New York trading on Friday as it reported a quarterly loss and the slowest sales growth since 2001. If the loss continues, Bezos’ net worth will drop to about $155 billion, according to the Bloomberg Billionaires Index. . At its peak last year, it was worth more than $210 billion.

Bezos, the world’s richest person after Elon Musk, was the fourth biggest loser of wealth this year, with his fortune dropping by $23 billion as of Thursday, according to the Bloomberg Billionaires Index.

Amazon is struggling with rising labor costs after overstaffing during the pandemic and high inflation that could dampen sales. The company reported a net loss of $3.8 billion in the quarter ended March 31, compared to a profit of $8.1 billion in the same period last year.

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