On April 29, Jeff Bezos lost $20.5 billion of his fortune following the results of Amazon.com Inc. investors disappointed. This meant the worst month for tech stocks in years.
(Amazon announces 400 new positions for customer service in Colombia).
Shares of the e-commerce company fell 14%as well as reporting a quarterly loss and the slowest sales growth since 2001. Bezos’ net worth fell to $148.4 billion, according to the Bloomberg Billionaires Index, from a peak of more than $210 billion.
(The richest men in the world, according to Forbes).
The 500 richest people in the world lost a total of more than US$54 billion this April 29, being the strongest fall in the market, according to the Bloomberg index. The benchmark S&P 500 index fell 3.6% and the tech-heavy Nasdaq 100 index fell 4.5%, ending its worst month since 2008.
Bezos, the richest person in the world following Elon Musk, is now third biggest wealth loser so far this yearhis fortune has fallen by nearly $44 billion since January 1.
(This is how the first Amazon syndicate will work.)
Furthermore, at this time, Amazon faces high labor costsfollowing multiple hirings that were made during the pandemic and a rise in inflation that may dampen sales.
The company posted a net loss of $3.8 billion in the quarter ended March 31, compared to a profit of $8.1 billion in the same period last year.
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