Amazon founder Jeff Bezos lost $20 billion in wealth in one day following the poor performance of Amazon’s stock. Bezos still has $150 billion to his name despite Amazon’s disastrous earnings report.
The New York Post reports that Amazon founder Jeff Bezos saw his wealth drop by $20 billion this week, making him the third richest person in the world following a major drop in Amazon stock value on the release of the company’s first-quarter earnings report. Bezos’ net worth dropped from $170.5 billion on Thursday to $150 billion on Friday following the news.
Bezos is now the third richest person in the world, trailing behind Bernard Arnault — the French luxury tycoon with an estimated net worth of $157.7 billion, and Tesla CEO Elon Musk with a net worth of $246 billion. Bezos has had significant losses since hitting a peak of $210 billion last year when he was listed as the world’s richest person.
Bezos has lost a total of $57 billion since then according to Bloomberg News. Bezos reportedly owns 55.5 million shares of Amazon, roughly an 11.1 percent stake in the company. Amazon projects revenue between $116 billion and $121 billion in the second quarter, lagging behind the $125.5 billion average analyst estimate. The second-quarter revenue growth forecast predicts a dip to a range of three to seven percent from a year earlier, another slowdown compared to a year earlier when revenue increased by seven percent.
Amazon lost $3.8 billion in the first quarter compared to a profit of $8.1 billion at this time last year. Amazon’s investment in the electric SUV firm Rivian reportedly weighed heavily on its profits. Truist Securities analyst Youssef Squali remains positive on the future of the company, however, stating: “We should start seeing material improvement to labor and fixed cost efficiency in 2H22, starting with Prime Day in July and then in the seasonally strong 4Q22.”
Read more at the New York Post here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or contact via secure email at the address lucasnolan@protonmail.com