Jeff Bezos loses $ 13 billion in hours as Amazon stock falls

Jeff Bezos saw $ 13 billion of his fortune melt away after Inc.’s results left investors disappointed.

Shares in the e-commerce business fell more than 8% at the start of New York trading on Friday, as it reported a quarterly loss and the slowest sales growth since 2001. If the loss continues, Bezos’ net worth will fall to about $ 155 billion, according to the Bloomberg Billionaires Index. At its peak last year, he was worth more than $ 210 billion.

Bezos, the world’s richest man after Elon Musk, was already the fourth-largest fortune loser this year, with his fortune falling by $ 23 billion through Thursday, according to the Bloomberg Billionaires Index.

Amazon is struggling with higher labor costs after a hiring frenzy during the pandemic and a rise in inflation that could hold back sales. The company had a net loss of $ 3.8 billion in the quarter ending March 31, compared to a profit of $ 8.1 billion in the same period last year.

© 2022 Bloomberg

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