Amazon loses $134 billion in stock slump, Bezos sees $15.2 billion drop in net worth
Amazon loses $134 billion in stock slump, led by Bezos
Jeff Bezos, the billionaire founder of Amazon, experienced a significant decline in his net worth, which fell by $15.2 billion, leaving him with $191.5 billion, according to the Bloomberg Billionaire Index. This dramatic drop reflects broader turbulence in the tech sector.
The Nasdaq 100 Index experienced a 2.4% decline, which adversely affected the net worth of several tech billionaires. Elon Musk's fortune decreased by $6.6 billion, while Larry Ellison of Oracle Corp. saw a reduction of $4.4 billion.
Technology billionaires Larry Page, Sergey Brin, and Mark Zuckerberg each lost more than $3 billion when shares of Meta Platforms Inc. and Alphabet crashed in the New York trade. The combined drop in their fortunes amounted to $68 billion, according to Bloomberg’s wealth index.
Amazon.com Inc. saw its shares fall by 8.8% amid a broader market selloff, reducing Jeff Bezos' net worth to $191.5 billion. This significant loss marks Bezos' third-largest one-day decline, following a $36 billion drop on April 4, 2019, due to his divorce settlement, and a 14% plunge in Amazon shares on April 29, 2022.
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At 60 years old, Bezos has been actively selling Amazon shares throughout the year, including $8.5 billion worth in February and an additional planned sale of 25 million shares worth $5 billion last month when Amazon reached a new record high.
(With inputs from agencies)