2024-08-03 10:30:00
Financial media Bloomberg estimated that $134 billion (more than 123 billion euros) of wealth of the world’s 500 richest people was wiped out on Friday as stock prices plummeted on Wall Street.
According to the latter, Amazon founder Jeff Bezos’ wealth shrank by more than $15 billion in one day to $191.5 billion.
Stocks closed sharply lower in New York on Friday following a disappointing U.S. jobs report released earlier in the day.
Investors worry that the Federal Reserve is taking too long to cut interest rates to avoid a sudden cooling of the economy.
Amazon shares fell 8.8% after the online retailer reported disappointing results. The outlook was particularly disappointing. Mr Bezos is no longer an executive at the company, but he still owns a large stake.
The company had its third worst financial day in history as its stock price fell. In 2019, he lost $36 billion in a divorce settlement. In 2022, Amazon’s stock price fell 14% in one day.
Tesla boss and X owner Elon Musk and software company Oracle founder Larry Ellison also suffered heavy losses on Friday. Their losses amounted to $6.6 billion and $4.4 billion, respectively.
Meanwhile, Meta CEO Mark Zuckerberg lost more than $3 billion due to falling stock prices in the tech sector.
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