The world’s second richest man is about to see tens of billions of dollars wiped from his massive net worth in the wake of a horror share price crash.
Amazon founder Jeff Bezos – who is currently ranked just behind Tesla’s Elon Musk in Forbes’ rich list, with a staggering fortune of $US171 billion – could lose as much as $US23 billion after Amazon shares fell dramatically by up to 21 per cent.
The crash came after the company announced it expected to record sluggish sales over the normally bumper Christmas shopping period this year.
According to the Bloomberg Billionaires Index, if the stock fall trend continues today, the 58-year-old father of four’s wealth plunge could become the fifth-largest one-day decline in history – down to $US111 billion from its peak of $US214 billion in July 2021.
Meanwhile, Bezos’ net worth has already plummeted to the tune of $US58 billion in 2022, as a result of a wider technology stock slump which has hit Amazon hard, along with a slew of other household names within the sector.
Following the latest stock fall, Bezos’ ex-wife MacKenzie Scott – who recently filed for divorce from her second husband, Dan Jewett – is also tipped to lose $US7 billion.
Scott became the 12th richest person in the world after receiving half of Bezos’ assets in her divorce, and soon emerged as a serious philanthropist by donating huge amounts of her fortune to worthy causes.
In a statement, Amazon CEO Andy Jassy noted the current “uncertain economic times” but downplayed the latest plunge affecting the Seattle-based company.
“It’s clear that particularly during these uncertain economic times, customers appreciate Amazon’s continued focus on value and convenience,” Mr Jassy said.
“We’re also encouraged by the steady progress we’re making on lowering costs in our stores fulfilment network, and have a set of initiatives that we’re methodically working through that we believe will yield a stronger cost structure for the business moving forward.
“There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets. “What won’t change is our maniacal focus on the customer experience, and we feel confident that we’re ready to deliver a great experience for customers this holiday shopping season.”
Amazon has been battling a major reduction in online growth this year, after customers reverted back to pre-Covid spending habits.
As a result of the slowdown, the world’s biggest online retailer has cut costs, announced a hiring freeze and halted new projects.
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