Jeff Bezos Lost $20.5 Billion in a Single Day

By Tech News Desk
May 2, 2022
Last Updated: May 2, 2022

Technology & AI

Jeff Bezos has lost $20.5 billion in wealth. The second richest person in the world lost this huge amount of money in just one day. On April 29, the stock market was open. This big loss happened then.

He still has a net worth of $148 billion on April 30, according to Bloomberg’s Billionaire Index, so don’t worry about it. Jeff Bezos now has more money than the richest person in the world, Elon Musk.

A French businessman named Bernard Arnault, who runs Louis Vuitton and other high-end brands, is now threatening to take his silver medal spot. Arnault’s fortune is thought to be worth $136 billion. Bill Gates has a fortune of $125 billion, which makes him fourth on the list.

This ranking of the world’s richest people lost money on April 29, which was a bad day for Wall Street. With the exception of Arnault, everyone in the top 10 lost money on that day. If you look at the top ten richest people in the world, six of them work in tech. Warren Buffett, Gautam Adani, and Mukesh Ambani are all non-tech billionaires. Arnault is the only one who isn’t a billionaire in the tech field.

He has a lot of money because of his 9.81 percent stake in Amazon as of March 2, FactSet says.

Amazon Worries Investors

There was a $3.8 billion loss for the last three months, which works out to about $7.56 a share. This compares to a profit of $15.79 per share last year.
This year’s revenue was up 7% from last year, the slowest growth rate in more than 10 years.

For this quarter, Amazon said it expects to make between -$1 billion and +$3 billion in operating income. This is less than the Refinitiv forecast of around $125 billion.

This is what CEO Andy Jassy said: “The pandemic and then the war in Ukraine have caused us to grow and face new challenges.” As we’re no longer looking for space or people, our teams are focused on improving productivity and cost efficiency in our fulfillment network. Before: “We’ve done this before.”

When he says this may take some time, he’s talking about inflation and supply chain pressures. “We’re making progress on a number of customer experience dimensions,” he says. “We’re now at levels we haven’t been at since early 2020,” he says.

Investors were surprised by the numbers and the comments. They thought Amazon could handle the end of the pandemic economy, which had led people to shop online.

That’s not good news for Amazon’s main business: the economy is getting back to work. At the same time, the operating costs of the e-commerce company keep rising. Amazon, in particular, has had to hire people to work in its warehouses and now has to pay a lot more for logistics and labor because it has to.

While sales fell short of expectations by a mere $6 million, the bigger story was that the company lost money for the first time in two years, at a loss per share of $7.56, which was almost $16 short of what the Street was expecting. William Blair analysts wrote a note to their clients.

They fell 14.05 percent to $2,485.6 on April 29, their worst day since July 2006. A lot of money went up in flames in just one day. Its market value, on the other hand, is still $1.26 trillion.

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