One of the largest e-Commerce platforms, Amazon’s stocks is facing the worst time in the market since 8 years. Executive chairman of the company, Jeff Bezos faced a loss of around $20 billion in his fortune after Amazon’s stocks took a nosedive, further cementing the fact that it has been the worst month for technology stocks in years.
After reporting a quarterly loss and the slowest sales growth rate since 2001, the company’s shares dropped around 14% on Friday. As a consequence, Bezos’s net worth decreased to to around $148.4 billion. The results were shared by the Bloomberg Billionaires Index and according to the results, this drop is after he reached a peak of more than $210 billion this year.
The Bloomberg index further shade that in the middle of the broader market rout, the 500 richest people in the world have faced a total loss of more than $54 billion on Friday. The Nasdaq 100 index dropped around 4.5 % and on the other hand, S&P 500 index had a 3.6% drop. And it has definitely been its worst month since 2008.
58-year-old Bezos is the richest person in the world after Elon Musk. But after his fortune dropped nearly $44 billion since January 1, he is now the third biggest wealth loser this 2022.
After a hiring binge during this pandemic situation, Amazon is having to deal with higher labor costs. Moreover, the sales took a backseat as well due to the surge in inflation. According to the results shared by the company, it faced a net loss of around $3.8 billion in the quarter which ended on March 31. In comparison, the company had a profit of around $8.1 billion during the same period in 2021.
