Jeff Bezos loses $13 billion in hours as Amazon shares slump
PremiumShares 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
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.
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 story has been published from a wire agency feed without modifications to the text.