Jeff Bezos saw $13 billion of his fortune melt away after Amazon.com Inc.’s results left investors disappointed.
Shares of the e-commerce company slumped 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 persists, Bezos’s net worth will drop to around $155 billion, according to the Bloomberg Billionaires Index. At his peak last year, he was worth more than $210 billion.
Jeff Bezos, founder and chief executive officer of Amazon.com Inc., speaks during a news conference at the National Press Club in Washington, D.C., U.S., on Thursday, Sept. 19, 2019. Bezos spoke about Amazons sustainability efforts a day before workers around the world, including more than 1,000 of his own employees, are scheduled to walk out to spotlight climate change.
Bezos, the world’s richest person after Elon Musk, was already the fourth-biggest wealth loser this year, with his fortune dropping by $23 billion through Thursday, according to the Bloomberg Billionaires Index.
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.
This article was provided by Bloomberg News.