Jeff Bezos saw $13 billion of his fortune ‘vanish’ after Amazon’s quarterly results disappointed investors.
Shares of the e-commerce company fell more than 8 percent in early New York trading on Friday as it reported a quarterly loss and the slowest sales growth since 2001.
If the loss persists, Bezos’s net worth will fall to about $155 billion, according to the Bloomberg Billionaires Index. At its peak in 2021, Bezos’s estate was worth more than $210 billion.
Bezos, the richest person in the world after Elon Muskwas already the fourth-biggest wealth loser among the billionaire group, down $23 billion through Thursday, according to the Billionaires Index. Bloomberg.
Amazon is dealing with higher labor costs after a hiring binge during the pandemic and a spike in inflation that may dampen sales. The company posted a net loss of $3.8 billion in the quarter ended March 31, compared with a profit of $8.1 billion in the same period last year.