Amazon founder Jeff Bezos' fortune lost US$ 20 billion in trading Friday (29/4) and shifted him to the position of the world's third richest person, after Amazon shares slumped following a dismal earnings report. .
As of Friday, Bezos' net worth was worth $150 billion, down from $170.5 billion the day before, according to Forbes.
Now, Bezos is in third place among the richest in the world, behind Bernard Arnault, the French luxury tycoon whose net worth is currently estimated at $157.7 billion.
The world's richest person, Tesla CEO Elon Musk, who nearly acquired Twitter for $44 billion, has a net worth of $246 billion, Forbes said.
The Amazon founder's fortune has taken a major hit since hitting a peak of US$210 billion last year, making him the richest person in the world at the time. That's despite his 2019 divorce from his college sweetheart MacKenzie Scott, who is taking his 25% stake in Amazon in a settlement.
Scott's net worth was also cut by a drop in Amazon stock on Friday. Schott lost $6 billion, bringing his current net worth of $36.8 billion, according to Forbes.
Since peaking, Bezos' net worth has been discounted by $57 billion, according to Bloomberg News. Indeed, prior to Friday's massacre, Bezos' wealth had shrunk more than 23% this year as Amazon's stock had been hit by a post-pandemic slowdown in online spending as well as rising labor costs and soaring inflation rates.
Bezos currently owns 55.5 million shares of the company, the equivalent of an 11.1% stake, according to the company's filing.
Bezos' extraordinary fortune recently made headlines when Dutch officials were reportedly considering plans to dismantle part of the 140-year-old bridge to make way for the $500 million superyacht, which is under construction near Rotterdam. Preservatives say they will bombard the luxury cruiser with rotten eggs if the city follows through.
Bezos has also recently been living a life of luxury with his best friend Lauren Sanchez. Recently, the couple was spotted on a double date with Kim Kardashian and Pete Davidson, according to Page Six.
Amazon shares fell 14% on Friday after the Seattle-based e-commerce giant reported disappointing earnings for the first quarter of 2022.
While in-store sales rose, March was the first month to show a decline in online sales since the pandemic began, according to Mastercard SpendingPulse, which tracks spending made through the Mastercard payments network and survey estimates for other payments made by cash and check.
Amazon said it earned $7.38 per share, which fell short of analyst expectations that it would hit $8.36 per share, according to CNBC. The company also reported revenue of $116.44 billion, which beat estimates. Analysts expect US$ 116.3 billion.
Amazon Web Services, the cloud computing division, also outperformed analyst expectations, bringing in revenue of $18.44 billion versus the $18.27 billion forecast.
But Amazon's advertising division fell short of Wall Street's estimates, making $7.88 billion versus the $8.17 billion estimate.
Amazon also reported a loss of $7.6 billion from its investment in electric car start-up Rivian, which lost half its value in the quarter. Rivian's loss for the quarter totaled $3.8 billion.
Amazon's revenue jumped 7% in the first quarter, a far cry from a 44% increase in revenue from the same period last year. That was the slowest growth rate for the company since the dot-com crash in 2001. Last quarter, Amazon also reported single-digit revenue growth.
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