- Amazon founder, Jeff Bezos has lost about $20 billion of his fortune as the share of the company went down
- According to reports, the company's share saw its worst performance in nearly eight after losing about 15 per cent of its value
- The company's management blamed the loss on inflation, supply chain challenges and the war in Ukraine
The world’s second-richest man, Jeff Bezos saw his wealth plummet as his company, Amazon’s stocks nosedived, shaving off about $210 billion in the first-quarter results.
The company’s share plummeted by over 15 per cent after it announced its first quarterly result, making the loss the biggest since 2015, according to a Nairametrics report.
Amazon’s shares account for most of Jeff Bezos’ wealth, which means he has taken a massive loss on paper as the company’s shares declined.
Still the word's second-richest man
According to Bloomberg’s Billionaire Index, Bezos’ wealth was about $148 billion at end of Friday, April 29, 2022, which represents about a 12 per cent decline.
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The company’s share is going towards their worst performance in eight years, erasing $20 billion off Jeff Bezos’ fortunes.
The Amazon boss has lost about $44 billion of wealth so far in 2022, but he remains the second-richest person in the world behind Elon Musk.
Company blames inflation and Russia's invasion of Ukraine
Amazon has opened new warehouses, in order to meet increasing demands but financial analysts worry that it is expanding too quickly.
Forbes reports that in a press release, CEO Andy Jassy blamed the losses on ongoing inflation and supply chain challenges, including “unusual growth and challenges” around the COVID-19 pandemic and ensuing war in Ukraine, stating that the e-commerce giant is "squarely focused" on improving productivity and cost efficiencies.
Mark Zuckerberg makes $11 billion in one day, moves from 18th richest person to 10th
Legit.ng has reported that after almost two months of losing his position among the world’s wealthiest people, Meta CEO and Facebook owner, Mark Zuckerberg is making his way back to the top.
The shares of Meta, the parent company of Facebook, Instagram, WhatsApp and Messenger went up more than 17 per cent on Thursday, April 28, 2022, earning Zuckerberg $11 billion in one day and boosting his fortune by $11.5 billion, according to CNN.
Even though Meta could not meet Wall Street predictions for the first quarter, posting its slowest revenue growth in years, investors were happy about the company’s turnaround.