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SATURDAY, MAY 17, 2025
Jeff Bezos loses $13B in hours as Amazon shares slump

World+Biz

Bloomberg
01 May, 2022, 11:15 am
Last modified: 01 May, 2022, 11:19 am

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Jeff Bezos loses $13B in hours as Amazon shares slump

He is now the third-biggest wealth loser this year

Bloomberg
01 May, 2022, 11:15 am
Last modified: 01 May, 2022, 11:19 am
Jeff Bezos speaks at an event before unveiling Blue Origin's Blue Moon lunar lander, in Washington. On Monday, July 12, 2021, the Federal Aviation Administration approved Blue Origin's attempt to launch people into space. Photo :AP via UNB
Jeff Bezos speaks at an event before unveiling Blue Origin's Blue Moon lunar lander, in Washington. On Monday, July 12, 2021, the Federal Aviation Administration approved Blue Origin's attempt to launch people into space. Photo :AP via UNB

ff Bezos saw $20.5 billion of his fortune melt away after Amazon.com Inc.'s results left investors disappointed, helping fuel the worst month for technology stocks in years.

Shares of the e-commerce company were down 14% on Friday after it reported a quarterly loss and the slowest sales growth since 2001. Bezos's net worth fell to $148.4 billion, according to the Bloomberg Billionaires Index, from a peak this year of more than $210 billion.

The world's 500 richest people lost a total of more than $54 billion Friday amid the broader market rout, according to the Bloomberg index. The benchmark S&P 500 Index fell 3.6% and the tech-heavy Nasdaq 100 Index slid 4.5%, closing out its worst month since 2008.

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Bezos, 58, the world's richest person after Elon Musk, is now the third-biggest wealth loser this year, with his fortune dropping nearly $44 billion since Jan. 1.

Amazon is contending with higher labor costs following a hiring binge during the pandemic and a surge in inflation that may hold back sales. 

The company posted a net loss of $3.8 billion in the quarter ended March 31, compared with profit of $8.1 billion in the same period last year.

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Jeff Bezos / Amazon

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