Jeff Bezos’s web price shrank by $15.2 billion Friday, main a wide-ranging hunch that erased $134 billion from the fortunes of the five hundred richest folks in the world.
Shares of Amazon.com Inc. slid 8.8% amid a broader selloff in the market, dropping Bezos’ web price to $191.5 billion, in line with the Bloomberg Billionaires Index. The one-day wipeout is his third-worst, trailing solely April 4, 2019, when the Amazon co-founder’s wealth tumbled $36 billion following his divorce settlement, and April 29, 2022, when Amazon shares plunged 14%.
The Nasdaq 100 Index fell 2.4%, dragging down the fortunes of different tech billionaires together with Elon Musk and Oracle Corp.’s Larry Ellison, whose web worths had been pared $6.6 billion and $4.4 billion, respectively. Uncertainty over attainable Federal Reserve price cuts, in addition to some high-profile earnings disappointments, have helped plunge the tech-heavy index into correction territory, wiping out greater than $2 trillion in worth in simply over three weeks.
Investors have additionally turn out to be jittery over fears that this 12 months’s AI-fueled positive aspects are overdone or the market is just too concentrated. The decline in Amazon shares — the largest drop since April 2022 — got here after the corporate stated on an earnings name that it deliberate to proceed spending large on AI even on the expense of short-term earnings.
Technology billionaires Mark Zuckerberg, Sergey Brin and Larry Page additionally every misplaced greater than $3 billion Friday as shares of Meta Platforms Inc. and Alphabet fell in New York buying and selling. Tech tycoons in whole noticed $68 billion carved from their fortunes, in line with Bloomberg’s wealth index.
Bezos, 60, the world’s second-richest individual, has been steadily offloading Amazon shares this 12 months. He offered stock price about $8.5 billion over 9 buying and selling days in February. And on a day final month when Amazon hit a contemporary document, he disclosed a plan to promote 25 million extra shares price $5 billion.
The extra gross sales would carry his whole this 12 months to roughly $13.5 billion, in line with Bloomberg’s calculations. He would nonetheless maintain nearly 912 million shares, or about 8.8% of Amazon, as soon as these gross sales are full.
His wealth additionally derives from space-exploration firm Blue Origin and the Washington Post.
Shares of Amazon.com Inc. slid 8.8% amid a broader selloff in the market, dropping Bezos’ web price to $191.5 billion, in line with the Bloomberg Billionaires Index. The one-day wipeout is his third-worst, trailing solely April 4, 2019, when the Amazon co-founder’s wealth tumbled $36 billion following his divorce settlement, and April 29, 2022, when Amazon shares plunged 14%.
The Nasdaq 100 Index fell 2.4%, dragging down the fortunes of different tech billionaires together with Elon Musk and Oracle Corp.’s Larry Ellison, whose web worths had been pared $6.6 billion and $4.4 billion, respectively. Uncertainty over attainable Federal Reserve price cuts, in addition to some high-profile earnings disappointments, have helped plunge the tech-heavy index into correction territory, wiping out greater than $2 trillion in worth in simply over three weeks.
Investors have additionally turn out to be jittery over fears that this 12 months’s AI-fueled positive aspects are overdone or the market is just too concentrated. The decline in Amazon shares — the largest drop since April 2022 — got here after the corporate stated on an earnings name that it deliberate to proceed spending large on AI even on the expense of short-term earnings.
Technology billionaires Mark Zuckerberg, Sergey Brin and Larry Page additionally every misplaced greater than $3 billion Friday as shares of Meta Platforms Inc. and Alphabet fell in New York buying and selling. Tech tycoons in whole noticed $68 billion carved from their fortunes, in line with Bloomberg’s wealth index.
Bezos, 60, the world’s second-richest individual, has been steadily offloading Amazon shares this 12 months. He offered stock price about $8.5 billion over 9 buying and selling days in February. And on a day final month when Amazon hit a contemporary document, he disclosed a plan to promote 25 million extra shares price $5 billion.
The extra gross sales would carry his whole this 12 months to roughly $13.5 billion, in line with Bloomberg’s calculations. He would nonetheless maintain nearly 912 million shares, or about 8.8% of Amazon, as soon as these gross sales are full.
His wealth additionally derives from space-exploration firm Blue Origin and the Washington Post.
