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The world’s richest man loses $ 10.5 billion in 24 hours

02:09 PM

Sunday 03 May 2020

Books – Mostafa Eid:

American businessman Jeff Bezos, the world’s richest man and founder of the Amazon e-commerce giant, lost nearly $ 10.5 billion in wealth on Friday, taking his wealth down to $ 139 billion, according to Bloomberg’s billionaire list.

The loss fell by Bezos since the beginning of the year to 23.7 billion dollars, according to Bloomberg.

This comes after a significant decline in the share of Amazon Company by 7.59% during trading on Friday, to close the share price of 2286.04 dollars.

The stock decline came after the company achieved a decline in its profits during the first quarter of this year, which amounted to $ 2.5 billion, or $ 5.01 a share, compared to $ 3.56 billion, or $ 7.09 a share during the same period in 2019.

This decline comes despite the increase in the company’s revenues to 75.5 billion dollars during the first quarter of this year compared to 59.7 billion dollars during the same period in 2019.

The company also expected that it may achieve operating losses of up to $ 1.5 billion during the second quarter of this year.

Analysts had expected the company to generate more than $ 4 billion in operating profits in the second quarter, but CEO Jeff Bezos expected to spend that amount, or perhaps more.

The company pointed out that the jump in expenditures will come from spending hundreds of millions of dollars to develop testing capabilities for all its employees for the new Corona virus, starting from front-line workers, as well as personal protection equipment for hundreds of thousands of company employees, concentrated cleaning of its facilities, and higher wages for the teams.

Bezos said in a statement on Thursday: “If you are a shareholder in Amazon, you may want to take a seat, because we think a little.”

Bezos added: “In normal circumstances, in the next second quarter, we expect an operating profit of $ 4 billion or more. But these are not normal conditions. Instead we expect to spend $ 4 billion and maybe a little bit more on Corona related expenditures, to deliver Products to customers and keep employees safe. “

According to Bloomberg List data, Mackenzie Bezos, the US businessman’s loose, lost about $ 3.66 billion of her fortune during Friday’s trading, to $ 45.3 billion, due to a decline in Amazon shares.

Jeff Bezos had given part of his fortune to Mackenzie in a divorce agreement that took place over the past year, currently ranking 18th among the world’s richest people.

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