Jeff Bezos is facing a $23 billion decline in his fortune, one of the worst on record | Job Binary


Jeff Bezos owns approximately 996 million shares in Amazon.

Jeff Bezos is expected to see $23 billion wiped from Amazon.com Inc’s fortune after predicting sluggish sales during the holiday shopping season.

The stock was down 21% after the market closed on Thursday. If that decline carries into Friday’s session, the Amazon founder’s demise would be the fifth-largest one-day drop in wealth on record, according to the Bloomberg Billionaires Index.

If the move goes through, Bezos, 58, will be worth $111 billion, more than double his July 2021 peak of $214 billion, according to Bloomberg. The broader slide in tech stocks weighed on Amazon.

Of the world’s richest people tracked by the index, only Mark Zuckerberg, Changpeng Zhao and Elon Musk took a big hit, but that could change by the end of the week.

The world’s largest retailer’s forecast for the final quarter of the year was well below analysts’ expectations, and Amazon expects the effects of inflation, rising fuel costs and weaker demand to persist. The online retailer also shrugged off consumer abandonment of e-commerce as shoppers returned to their pre-pandemic habits.

The company’s shares were down about 33% this year before Thursday’s close. As of August, Bezos owns about 996 million shares in Amazon.

Mackenzie Scott, who divorced Bezos in 2019, is expected to lose $7 billion from her net worth, which stood at $26.8 billion as of Thursday. He owns more than 293 million shares of Amazon, based on an analysis of the company’s 2022 proxy statement.

(This story was not edited by NDTV staff and was automatically generated from the syndicated channel.)

Featured image of the day



Source link