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Apr 29, 2022

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

First Look With Surveillance: Musk Sells, Amazon Cools

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Jeff Bezos saw US$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 per cent 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 US$155 billion, according to the Bloomberg Billionaires Index. At his peak last year, he was worth more than US$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 US$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 US$3.8 billion in the quarter ended March 31, compared with profit of US$8.1 billion in the same period last year.