The wealth of American billionaire and founder of Amazon, Jeff Bezos, drops by about $ 7.2 billion in one day, following expectations of a drop in the company’s sales.
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American billionaire and Amazon founder Jeff Bezos
The wealth of American billionaire and Amazon founder Jeff Bezos fell by about $ 7.2 billion on Friday after the e-commerce giant expected its holiday sales would fall below analysts’ expectations.
Shares of Amazon were down 6.8% at the close of the market on Friday after the company’s third-quarter earnings results were announced late Thursday.
On Thursday, the company revealed its quarterly business results, which indicated third quarter revenue was $ 127.10 billion, compared to expectations of $ 127.46 billion.
Private web services revenue was $ 20.5 billion, compared to the forecast of $ 21.1 billion.
This is the second time this year that Amazon’s results have been disappointing enough to trigger a double-digit sale.
Amazon expects revenue of between $ 140 billion and $ 148 billion for the last three months of the year, and analysts had expected revenue of nearly $ 155 billion.
Jeff Bezos’ net worth fell $ 12 billion due to the collapse of Amazon stock
Jeff Bezos’ net worth plummets $ 12 billion as Amazon shares plummet pic.twitter.com/UwG7HIEJjZ– Hero of Navid MIGA | Navid Ghahraman😎 (@ Navid221) October 29, 2022
As a result of these losses, Bezos lost his position as the third richest billionaire in the world to Indian businessman Gautam Adani, and became the founder of Amazon in fourth place, according to the “Forbes” website.
Bezos’ fortune is currently $ 127.2 billion, having fallen by $ 66 billion since the beginning of this year.
