Monday, August 5, 2024 - Jeff Bezos lost $15billion from his wealth in a single day after a massive stock slump made the world's 500 richest people including Mark Zuckerberg and Elon Musk lose $134billion overall.
According to Bloomberg, shares of Amazon.com Inc. went
down by 8.8 percent on Friday as part of a wider sell-off in the market.
This dropped Bezos' net worth to $191.5billion, because his wealth is
being wrapped up in his company.
Bezos has been repeatedly offloading Amazon shares this
year, selling $8.5billion in stocks in February and announcing plans to sell
another $5billion worth of shares, which would still leave him with 912 million
shares, or 8.8 percent of the stock.
The report also claimed that
Zuckerberg's Meta Platforms Inc shares fell by 1.9 per cent, causing
him to lose more than $3billion in value, while Musk's net worth also dropped
by $6.6billion as his Tesla shares plunged by 4.2 per cent.
Friday's $15.2billion loss is the third-worst wipeout Bezos
has experienced after his wealth shrank by $36billion after his divorce in
April 2019 and when Amazon's shares fell by 14 per cent in April 2022.
The recent plunge of Amazon shares comes after the company
said that it would continue to invest heavily into AI, despite fears by
investors all over the industry that the gains fueled by AI this year are
overdone.
Other fortune 500 billionaires are Oracle Corp's Larry
Ellison, whose wealth fell by $ 4.4 billion, as well as tech billionaires
Sergey Brin and Larry Page who each lost more than $3billion.
According to the report, the aftermath of the Nasdaq index
falling on Friday was still felt on Monday as stock markets around the globe
continued plunging amid fears the US economy may be on track for
a recession as Japan suffered its worst sell-off since 'Black Monday' in
1987.
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