Bezos lost more than 121 billion kroner in a few hours
Bezos lost more than 121 billion kroner in a few hours
World News

Bezos lost more than 121 billion kroner in a few hours

By George Michael Belardinelli - 2 May 2022

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A record loss for Bezos, the CEO of Amazon, which comes as a cold shower after a quarterly report that already smelled like defeat

Jeff Bezos loses $20 billion in a few hours

Jeff Bezos
Amazon stock loses 14% on the stock market, causing Jeff Bezos to lose about $ 20 billion

This is not a good time for Amazon, seeing how the last week has unfolded. 

The quarterly results of the e-commerce giant have brought a company accustomed to winning and racking up successes back down to earth. 

The results, which were below expectations, led to an initial thud on the stock exchange. In Friday’s trading, the share price dropped a whopping 14%.

This blow to the company of the second richest man in the world has cost dearly. 

According to the quarterly results, Jeff Bezos’ fortune had already fallen by 191 billion kroner (NOK), or around USD 20.5 billion

In addition to this, which is already a major setback, there has also been a downturn on Wall Street. 

According to Bloomberg, the damage amounted to 121.3 billion kroner (NOK), which means that, unfortunately, 13 billion US dollars were burned in one fell swoop, including much of the entrepreneur’s personal wealth and investors’ pockets. 

According to Bloomberg’s latest Billionaire Index, Jeff Bezos’ personal wealth amounts to USD 148 billion, a staggering figure that nevertheless keeps him firmly in second place in the ranking of the world’s richest people. 

The race to become the first trillionaire in history is therefore paused for the CEO of Amazon in the week in which Tesla, owned by his direct competitor Elon Musk, posted a record quarterly report. One of Musk’s major market hits was the purchase of Twitter

Since January, Bezos has lost 401.5 billion kroner of his personal wealth, making him one of the three biggest losers of the year.

Key indices down

His company’s poor performance hurt the industry as a whole. The Nasdaq recorded its worst results since March 2021, while the Tech sector recorded its worst month since 2008

On Friday, the Standard & Poor’s 500 Index also fell 3.6% and the Dow Jones 2.77%.

Friday wasn’t just a black day for Jeff. In the elite group of the 500 richest people in the world, a total of $54 billion went up in smoke on Friday, which is a truly remarkable record.

George Michael Belardinelli

A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality

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