American billionaire lost Jeff Bezos $20.5 billion of his fortune after Amazon.com’s results disappointed investors.
Amazon.com’s stock plunged into its biggest one-day drop since 2006, bringing the stock near a two-year low.
Shares of the e-commerce company fell 14.05 percent in Friday’s session, after it reported a quarterly loss and the slowest sales growth since 2001.
and fell Bezos net worth to $148.4 billion, according to the Bloomberg Billionaires Index, from a peak this year of more than $210 billion.
The world’s 500 richest people lost a total of more than $54 billion on Friday amid the broader market’s defeat, according to the Bloomberg Index.
The benchmark S&P 500 fell 3.6% and the high-tech Nasdaq 100 fell 4.5%, closing its worst month since 2008.
And Bezos, who is 58 years old, the richest person in the world after Elon Musk, is now the third largest loser of wealth this year, as his fortune has fallen by nearly $44 billion since January 1, 2022.
Amazon is struggling with rising labor costs after over-hiring during the pandemic and high inflation that could hamper sales.
The company reported a net loss of $3.8 billion in the quarter ended March 31, 2022, compared to a profit of $8.1 billion in the same period last year.
“The pandemic and the ensuing war in Ukraine caused extraordinary growth and challenges,” said Andy Gacy, Amazon CEO.
The losses were largely driven by its investment in electric car maker Rivian.
Net sales rose 7%, led by Amazon Web Services’ cloud computing division.
Gacy added that the company was facing rising costs, with continued inflationary pressures and supply chain disruptions.