Jeff Bezos’ net worth drops by $13.5 bn, as Amazon plunge drags down Nasdaq
15:18, 31 July 2021
Photo: Daniel Biskup/dpa/Global Look Press
Jeff Bezos, the founder of Amazon has lost his title of the world’s richest man after Amazon fell short on net sales expectations.
Amazon’s net sales rose up by 27%, considerably lower than 41% in the 2nd quarter of 2020.
The drop of Amazon share price has eliminated around 80% of Bezos’ increase in net worth this year, according to Bloomberg.
The immense net worth drop has made Jeff Bezos lose his number 1 spot at the Forbes list of “Real-Time Billionaires”, as Bezos with his net worth of $192.4 bln ranks second behind Bernard Arnault, who oversees over 70 brands including Louis Vuitton and has $192.9 bln.
The plunge of the US’s largest e-retailer has dragged other online market companies like eBay and Wayfair down by around 8%.
Earlier, Amazon CFO Brian Olsavsky has explained the drop in sales by saying that the company is facing an impact of vaccination. Since people get their vaccines and do not limit their purchases only to e-retailers anymore spending more time outdoors, it is highly unlikely that revenue growth will reach the pandemic peak anytime soon.