Jeff Bezos Loses $15 billion In A Single Day

After the world’s 500 richest people, including Mark Zuckerberg and Elon Musk, lost $134 billion in total due to a major stock market decline, Jeff Bezos lost $15 billion of his wealth in a single day.

Amazon.com Inc.’s stock fell 8.8 per cent on Friday as part of a broader market sell-off, according to Bloomberg. Due to his ownership stake in his business, Bezos’ net worth decreased to $191.5 billion as a result.

With his $8.5 billion stock sale in February and his announced plans to sell an additional $5 billion worth of shares, Jeff Bezos has been selling Amazon shares on a regular basis this year. This leaves him with 912 million shares, or 8.8% of the company, outstanding.

According to the research, Musk’s net worth decreased by $6.6 billion as his Tesla shares plummeted by 4.2 per cent, and Zuckerberg lost almost $3 billion in value due to a 1.9% decline in Meta Platforms Inc. shares.

The $15.2 billion loss on Friday ranks as Bezos’s third-worst financial disaster, following his $36 billion wealth decline following his divorce in April 2019 and the 14% decline in Amazon’s stock in April 2022.

The company’s announcement that it will keep making significant investments in artificial intelligence (AI) has caused a recent decline in Amazon’s stock price, despite widespread investor concerns that this year’s advantages from AI are already overstated.

Other billionaires on the Fortune 500 list include Larry Ellison of Oracle Corp., whose wealth decreased by $4.4 billion, and software billionaires Sergey Brin and Larry Page, who each lost over $3 billion.

As per the article, Monday’s plunge in stock markets worldwide was a result of Friday’s Nasdaq index decline. Investors were worried that the US economy might enter a recession, and Japan experienced its biggest sell-off since ‘Black Monday’ in 1987.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli