Jeff Bezos found himself $12 billion dollars poorer on Friday as shares in Amazon dropped by 10 percent during Wall Street morning trading in response to a disappointing earnings report.
In Thursday after-hours trading, Amazon shares plunged 21 percent, a $23 billion drop in Bezos’s net worth, after the retailer forecast lower than normal holiday sales for 2022, according to the New York Post.
But the shares shot back up on Friday morning by around 11 percent.
Bezos, 58, was listed as having a net worth of $122.4 billion by Forbes as of Friday. Most of his wealth is tied up in shares of Amazon.
But the billionaire is no longer the richest person in the world. He is currently in fourth place on the Forbes list, with Tesla and Twitter owner Elon Musk, French mogul Bernard Arnault, and Indian tycoon Gautam Adani ahead of him.
Bezos’s net worth has tumbled more than $90 billion since July 2021, as Amazon has lost almost $1 trillion in value. At his wealthiest, Bezos had a net worth of $214 billion, largely due to the value of Amazing stock, which reached a record high of $186 per share during the pandemic.
Bezos has a 10 percent ownership stake in the retail giant.
(Israel National News' North American desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Israel National News articles, however, is Israeli time.)