Jeff Bezos’ fortune was down $13 million in just a few hours, with Amazon shares down more than 8% in early trades on Friday. The information is from the Bloomberg news agency.
The e-commerce giant’s shares have been melting since yesterday, after the release of a quarterly result that disappointed investors. Amazon expects operating income of $3 billion this quarter — less than half of the $7.7 billion it earned in the same period a year earlier. This is the slowest growth rate for the company since 2001.
After posting increased sales during the most critical phase of the covid-19 pandemic, Amazon’s prospects have dimmed. The company’s expenses have increased as it is paying higher wages to attract workers during a time of labor shortage in the United States.
In addition, higher fuel prices are reducing consumers’ disposable income, while making it more expensive for the company to deliver products.
If losses continue, Bezos’ wealth could drop to $155 billion — last year, the Amazon founder reached $210 billion.
According to Bloomberg, he is the fourth person to lose the most money this year. Bezos is the second richest man on the planet, after Elon Musk.