May 17, 2022

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Kuwait Newspaper |  Jeff Bezos loses $ 20.5 billion a day

Kuwait Newspaper | Jeff Bezos loses $ 20.5 billion a day

U.S. billionaire Jeff Bezos has lost $ 20.5 billion in assets after Amazon.com’s results disappointed investors. Amazon stock plummeted. Com reached its biggest one-day fall since 2006, bringing stocks closer to a two-year low.

Shares of the e-commerce company fell 14.05 percent in Friday’s session, after recording a quarterly loss and the slowest sales growth since 2001.

According to the Bloomberg Billionaires Index, the net worth of the peso has fallen from a peak of more than $ 210 billion to $ 148.4 billion.

According to Bloomberg, the world’s 500 richest people lost more than $ 54 billion on Friday amid a wide-ranging market crash. The benchmark S&P 500 was down 3.6 percent and the high-tech Nasdaq 100 was down 4.5 percent, closing its worst month since 2008.

Bezos, 58, is the world’s richest man after Elon Musk, the third-largest person to lose wealth this year as his net worth has fallen nearly $ 44 billion since January 1, 2022.

Amazon is battling epidemics and rising labor costs after high hiring during high inflation, which could prevent sales.

The company reported a net loss of $ 3.8 billion for the quarter ended March 31, 2022, up from $ 8.1 billion in the same period last year.

Amazon CEO Andy Casey said, “The epidemic in Ukraine and the ensuing war caused extraordinary growth and challenges.

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