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Jeff Bezos loses US$13.5 billion after Amazon disappointment

Bloomberg
·1-min read
Billionaire American businessman Jeff Bezos wears goggles owned by Amelia Earhart which he carried into space at a post-launch press conference after he flew on Blue Origin's inaugural flight to the edge of space, in the nearby town of Van Horn, Texas, U.S. July 20, 2021. REUTERS/Joe Skipper TPX IMAGES OF THE DAY
Amazon.com Inc.’s weaker-than-expected second-quarter results has sent its founder’s fortune tumbling. (PHOTO: Reuters/Joe Skipper) (Joe Skipper / reuters)

By Devon Pendleton

(Bloomberg) — Amazon.com Inc.’s weaker-than-expected second-quarter results has sent its founder’s fortune tumbling.

The net worth of Jeff Bezos fell US$13.5 billion after Thursday’s after-market results missed Wall Street’s expectations and foreshadowed an end to the retailer’s pandemic-fuelled sales surge. The drop erased 80% of his wealth gains for the year.

Amazon’s shares dropped 7.2% to US$3,339.18 at 9:53 a.m. in New York, lowering the company’s ex-chief executive officer’s fortune to US$193.6 billion. He still remains the world’s richest person, according to the Bloomberg Billionaires Index, some US$8 billion ahead of Tesla Inc.’s Elon Musk.

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It’s been a mixed week for America’s richest tech billionaires. While Google-parent Alphabet Inc.’s rosy earnings boosted the net worth of co-founders Sergey Brin and Larry Page, strong results from Microsoft Corp. and Facebook Inc. didn’t translate into a wealth-bump for their billionaire shareholders.

Mark Zuckerberg, who spent the week touting his vision of Facebook’s future as an all-encompassing “metaverse,” lost US$5.4 billion Thursday as the social networking company’s shares fell the most in two months over concern about growth in advertising sales.

© 2021 Bloomberg L.P.