Jeff Bezos loses $20 billion in hours

Beirut – Salwa Yassin – Follow up with impartiality: American billionaire Jeff Bezos lost $20.5 billion of his fortune, after results disappointed investors.

Shares of the e-commerce company fell 14 percent on Friday, after it reported a quarterly loss and the slowest sales growth since 2001. Bezos’ net worth fell to $148.4 billion, according to the Bloomberg Billionaires Index, from this year’s peak of more than $210 billion.

The world’s 500 richest people lost a total of more than $54 billion on Friday, according to the Bloomberg Index. The benchmark S&P 500 fell 3.6 percent and the high-tech Nasdaq 100 fell 4.5 percent, closing its worst month since 2008.

According to Fortune, Bezos, who is 58, the richest person in the world after Elon Musk, is now the third largest loser of wealth this year, as his fortune has fallen by nearly $44 billion since January 1.

Amazon is struggling with rising labor costs after over-hiring during the pandemic and high inflation that could hamper sales.

The company posted a net loss of $3.8 billion in the quarter that ended March 31, compared to a profit of $8.1 billion in the same period last year.

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