Amazon’s stock took a significant hit on August 2, plunging 8.8% and erasing $134 billion from the company’s market value. This sharp decline has notably impacted the net worth of Amazon founder Jeff Bezos, who saw $15.2 billion evaporate, leaving him with a still substantial $191.5 billion, according to the Bloomberg Billionaires Index (BBI).
This dramatic decrease in Bezos’s fortune is the third-largest loss he has endured. His previous significant losses were $36 billion in April 2019 following his divorce announcement and a $14 billion drop in April 2022 due to another sharp decline in Amazon shares.
The broader market sell-off has also affected other tech billionaires. The Nasdaq 100 Index fell 2.4%, contributing to substantial losses for tech magnates such as Larry Ellison and Elon Musk, who lost $4.4 billion and $6.6 billion respectively. Sergey Brin, Larry Page, and Mark Zuckerberg also saw their net worth decrease by over $3 billion each.
The cumulative loss for tech billionaires on August 2 reached $68 billion. This market downturn follows a trend of over $2 trillion in market value being wiped out over the past three weeks due to disappointing earnings reports, concerns over the sustainability of the AI boom, and anticipation of a Federal Reserve rate cut.
Amazon’s share slump came after the company’s earnings call, which highlighted continued investments in AI at the expense of short-term profits. Bezos has been gradually selling Amazon shares throughout the year, offloading $13.5 billion worth of stock in 2024 alone. Once his planned sales are completed, Bezos will still hold 912 million shares, representing 8.8% of the company.
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