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