Amazon shares fell 8.8 percent on August 2 due to a larger market trend, wiping out $134 billion of the tech company’s market value, according to Bloomberg.
According to the Bloomberg Billionaire Index, billionaire founder Jeff Bezos, one of the richest individuals on the planet, lost $15.2 billion of his net worth to settle at a still impressive $191.5 billion as a result of the share plunge.
Notably, this is Bezos’ third-worst such wipeout, following a $36 billion loss in April 2019 following the announcement of his divorce, and again in April 2022, when Amazon shares fell 14%, it noted.
broader market sell-off
The Nasdaq 100 Index fell 2.4%, as did the fortunes of tech billionaires Larry Ellison (Oracle) and Elon Musk, who lost $4.4 billion and $6.6 billion, respectively, according to Bloomberg. Other prominent figures, including Sergey Brin, Larry Page, and Mark Zuckerberg, each lost more than $3 billion in net worth as their firm shares fell during trading.
According to the BBI, tech billionaires jointly lost $68 billion in net value on Friday (August 2).
The markets have lost more than $2 trillion in the last three weeks due to disappointing earnings reports, “jitters” about whether the artificial intelligence (AI) craze was overhyped and concentrated for investments, and a wait-and-see for the United States Federal Reserve’s rate cut announcement, according to the report.
Amazon’s stock fell after the company’s results call, during which it announced plans to continue investing in AI, even at the expense of short-term profitability.
The second richest man in the world
Bezos, 60, is second only to Musk in terms of personal fortune, and he has “steadily” sold Amazon shares this year, Bloomberg reported. In February, he sold $8.5 billion worth of Amazon stock in nine days. Last month, in July, he revealed plans to sell an additional 25 million shares for $5 billion, it claimed.
Overall, Bloomberg estimated that Bezos would have sold up to $13.5 billion in Amazon stock by 2024 (including planned sales). After the sell-off is done, he will still own 912 million shares or 8.8% of the corporation.
In addition to Amazon, Bezos controls Blue Origin, a space exploration firm, and the Washington Post.
How old is India’s Amazon?
On June 5, 2013, Amazon. made its Indian debut.
What country is the owner of Amazon?
Amazon.com, Inc., also known as Amazon, is an American multinational technology business that specializes in online sales, cloud computing, online advertising, digital streaming, and artificial intelligence.
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