Jeff Bezos loses $13bn in hours as Amazon shares slump

Shares of the e-commerce company slumped more than 8% in early New York trading on Friday as it reported a quarterly loss and the slowest sales growth since 2001.
Image: Bloomberg

Jeff Bezos saw $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% 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 $155 billion, according to the Bloomberg Billionaires Index. At his peak last year, he was worth more than $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 $23 billion through Thursday, according to the Bloomberg Billionaires Index.

Amazon is contending with higher labour 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 $3.8 billion in the quarter ended March 31, compared with profit of $8.1 billion in the same period last year.

© 2022 Bloomberg

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