The Bloomberg Billionaire Index shows that Amazon’s billionaire creator, Jeff Bezos, saw a substantial drop in his net worth, which dropped by $15.2 billion, leaving him with $191.5 billion. This sharp decline is indicative of more general instability in the tech industry.
A 2.4% decrease in the Nasdaq 100 Index has a negative impact on the net worth of a number of tech millionaires. Elon Musk’s wealth dropped by $6.6 billion, while Oracle Corp.’s Larry Ellison experienced a $4.4 billion decline.
Technology billionaires Larry Page, Sergey Brin, and Mark Zuckerberg each lost almost $3 billion as a result of the New York stock market crash involving Meta Platforms Inc. and Alphabet shares. Bloomberg’s wealth index shows that the total decline in their worth was $68 billion.
As a result of an 8.8% share price decline in Amazon.com Inc. during a general market selloff, Jeff Bezos’s net worth dropped to $191.5 billion. Following a $36 billion loss on April 4, 2019, as a result of his divorce settlement, and a 14% dip in Amazon shares on April 29, 2022, this notable loss represents Bezos’ third-largest one-day decline.
Investors fear that the market is excessively concentrated on a small number of companies, or that the large profits made by AI this year may be overstated. Following the company’s announcement that it intends to continue investing heavily in AI, even if doing so means making less money in the near future, Amazon’s stock experienced its largest decline since April 2022.
Bezos, who is 60 years old, has been selling Amazon shares aggressively all year long. He sold $8.5 billion worth of shares in February and was planning to sell an additional 25 million shares for $5 billion last month when the company hit a new high.
