Jeff Bezos, the founder of Amazon, saw his wealth plummet by $15 billion in just one day, as part of a broader market downturn that wiped $134 billion from the collective fortunes of the world’s 500 richest individuals.
The significant drop in wealth has reverberated across the tech industry, impacting other major figures including Mark Zuckerberg and Elon Musk.
On Friday, Amazon.com Inc’s stock experienced a sharp decline of 8.8%, contributing to a substantial drop in Bezos’ net worth, which now stands at $191.5 billion.
This reduction is closely tied to the broader market sell-off affecting major technology stocks, particularly those in the Nasdaq 100 index, which fell by 2.4%.
Bezos’ financial losses are part of a troubling trend.
Earlier this year, he offloaded $8.5 billion worth of Amazon shares in February, and has announced plans to sell an additional $5 billion in shares.
Despite this, his stake in Amazon remains significant, with approximately 912 million shares, or 8.8% of the company.
The current drop in Amazon’s stock value comes on the heels of the company’s announcement that it will continue to invest heavily in artificial intelligence (AI).
This decision has been met with skepticism from investors, who worry that the recent AI-driven gains may be unsustainable.
Bezos’ dramatic loss is part of a wider trend impacting several other tech billionaires.
Mark Zuckerberg, CEO of Meta Platforms Inc, saw his net worth decline by over $3 billion as Meta’s shares fell by 1.9%. Elon Musk, CEO of Tesla and SpaceX, experienced a loss of $6.6 billion, with Tesla shares plummeting by 4.2%.
The sell-off was not limited to tech giants. Larry Ellison, co-founder of Oracle Corp, saw his fortune decrease by $4.4 billion, while Sergey Brin and Larry Page, co-founders of Alphabet Inc (Google), each lost more than $3 billion.
The significant market decline has had global repercussions.
Goldman Sachs has revised its predictions, now estimating a 25% chance of a US recession, a considerable increase from their previous estimate of 15%. Meanwhile, JP Morgan has placed the likelihood of a recession at a concerning 50%.
Top 10 Billionaires’ Financial Losses
In light of the recent market slump, here is a snapshot of the financial impact on the top 10 billionaires:
1. Elon Musk – Tesla: $235bn, -$6.57bn
2. Jeff Bezos – Amazon: $191bn, -$15.2bn
3. Bernard Arnault – LVMH: $182bn, -$1.21bn
4. Mark Zuckerberg – Meta: $174bn, -$3.39bn
5. Bill Gates – Microsoft: $155bn, -$1.95bn
6. Larry Page – Alphabet (Google): $150bn, -$3.45bn
7. Larry Ellison – Oracle: $148bn, -$4.37bn
8. Steve Ballmer – Microsoft: $142bn, -$2.83bn
9. Sergey Brin – Alphabet (Google): $141bn, -$3.24bn
10. Warren Buffett – Berkshire Hathaway: $135bn, -$1.31bn
