Amazon boss Jeff Bezos lost $13 billion in just 1 hour
Shares of the e-commerce company fell more than 8% in early New York trading on Friday as the company reported a quarterly loss and its slowest sales growth since 2001. If the losses persist, Bezos’ net worth will drop to about $155 billion, according to the Bloomberg Billionaires Index. At his peak last year, he was worth more than $210 billion.
Bezos, the world’s richest person after Elon Musk, is already the billionaire with the fourth biggest drop in wealth this year. His total fortune has decreased by $23 billion as of April 28, according to the Bloomberg Billionaires Index.
Amazon is facing higher staffing costs after indiscriminate hiring during the Covid-19 pandemic and rising inflation that could stifle sales. The company posted a net loss of $3.8 billion for the quarter ended March 31, compared with a profit of $8.1 billion in the same period last year.
(According to Bloomberg)
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