Jeff Bezos loses US$13b in hours as Amazon shares slump

Jeff Bezos loses US$13b in hours as Amazon shares slump
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(April 30): Jeff Bezos saw US$20.5 billion (about RM89.25 billion) of his fortune melt away after Inc’s results left investors disappointed, helping fuel the worst month for technology stocks in years.

Shares in the e-commerce company were down 14% on Friday (April 29) after it reported a quarterly loss and the slowest sales growth since 2001. Bezos’s net worth fell to US$148.4 billion, according to the Bloomberg Billionaires Index, from a peak this year of more than US$210 billion.

The world’s 500 richest people lost a total of more than US$54 billion on Friday amid the broader market rout, according to the Bloomberg index. The benchmark S&P 500 Index fell 3.6% and the tech-heavy Nasdaq 100 Index slid 4.5%, closing out its worst month since 2008.

Bezos, 58, the world’s richest person after Elon Musk, is now the third-biggest wealth loser this year, with his fortune dropping nearly US$44 billion since Jan 1.

Amazon is contending with higher labour cost following a hiring binge during the Covid-19 pandemic and a surge in inflation that may hold back sales. 

The company posted a net loss of US$3.8 billion for the quarter ended March 31, compared to a profit of US$8.1 billion for the same period last year.