Jeff Bezos falls to Third Spot in World’s Richest After Losing $20 Billion

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Jeff Bezos falls to Third Spot in World’s Richest After Losing $20 Billion
02 May 2022
min read

News Synopsis

Jeff Bezos lost $20 billion and was ranked third on Forbes' list of the world’s richest people. The fall came after Amazon's stock price plummeted after a weak earnings report. The company's stock fell 14% after a huge loss of $3.84 billion in the last quarter. Jeff Bezos's net worth was valued at $150.1 billion on Saturday, compared to $170.5 billion on Thursday.

Bezos is now behind Bernard Arnault, the high-ranking French king, whose net worth is estimated by Forbes to be $157.7 billion. At the top is Tesla CEO Elon Musk, who has a net worth of $246 billion and has just acquired Twitter for $44 billion.

Bloomberg Billionaires Index also reported that the world’s 500 richest people lost more than $54 million altogether after the broader market drop. Most of Bezos' property is made up of Amazon shares as he owns an 11.1% stake in the company. Bezos' net worth took a hit on the paper as Amazon's stock price fell. However, Bezos may recover, if Amazon's stock price rises again before he sells his shares.

Amazon reported a loss of $3.84 billion, or $7.56 per share, in the first three months of 2022. This was in stark contrast to last year's first-quarter report, which reported revenue of $8.1 billion ($ 15.79 per share).

Amazon is working on higher labor costs after massive hiring during the pandemic. Also, this year's surge in inflation could curb sales for e-commerce giants.

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