Jeff Bezos loses billions as Amazon shares slump; Wall Street tumbles
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Bezos owns 11 per cent shares in Amazon and has reportedly lost $40 billion in net worth since the beginning of 2021.
Amazon shares fell over 14 per cent amid slowing growth as Wall Street stocks fell to a record low in April.
The online retail giant reported losses for the first time since 2015 as it forecast slowing growth. Amazon founder Jeff Bezos witnessed $20.5 billion of his personal net worth being wiped out as the company showed slowing sales growth.
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Bezos owns 11 per cent shares in Amazon and has reportedly lost $40 billion in net worth since the beginning of 2021.
Apple's stocks fell over 3 per cent as tech giants took a hit on Friday. Wall Street showed its deepest loss since 2020 amid rising inflation.
Watch: Amazon stocks plunge as it reports $3.8 billion quarterly loss
The S&P 500 index was down recording its biggest single-day loss since June 2020 during the pandemic. The Dow tumbled over 900 points and was down over 2.7 per cent with both S&P and Nasdaq posting huge losses on Friday.
The Nasdaq has reportedly fallen over 13 per cent this month as technology stocks have been at the receiving end in the US stock exchange.
The development comes amid uncertainty over the Ukraine war and China's continued COVID-19 crisis and fears of further lockdowns after Shanghai.
(With inputs from Agencies)
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