Why Jeff Bezos Lost More Than $60 Billion in 2022
Jeff Bezos and Elon Musk, the two richest people in the world, don’t seem to be having a good year. Musk has to deal with the forced purchase of Twitter and a series of changes that are meant to bring in money to save the company from a crisis, while Jeff Bezos seems to be losing money by the minute. By 2022, he have lost more than $60 billion, and that number could go up even more.
Quoting Forbes, media last week reported that Amazon shares dropped 6.8% on the stock market after the company told shareholders about its earnings. And while Jeff Bezos was second on the list of the world’s richest men earlier this year, he is now fourth, behind an Indian businessman named Gautam Adamy who is getting closer and closer to the top spot. Forbes says that Bezos, whose wealth comes mostly from his work at Amazon, has lost a total of 66 billion dollars since the start of the year.
He wouldn’t be the only one to do so. Mackenzie Scott, his ex-wife, has also lost a lot of money. She is now giving the money she has earned from her actions to different charities. The best day for Amazon was July 8, 2021. Since then, its value has dropped by almost 45%.
Andy Jassy, the CEO of Amazon, said in a statement, “There is obviously a lot going on in the macro environment, and we will balance our investments to make it more streamlined without compromising our long-term and strategic bets.”
But, as we said, Jeff Bezos isn’t the only person in a tough situation. Elon Musk has lost $100 billion, and Mark Zuckerberg, who was in the top 10 richest men in the world for a long time, has lost more than $11 billion and dropped several places on the list.
Amazon may be losing money because its market is becoming more diverse or because people aren’t spending as much money as they did during the Coronavirus pandemic. Since investors expected higher profits but didn’t get them, they now have less trust in the company. And since Bezos is paying more attention to what’s going on at his space company, Blue Origin, it’s likely to make people even less confident.
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