Jeff Bezos lost $20.5 billion in a single day

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Jeff Bezos has lost $20.5 billion in wealth. The second richest person in the world lost this huge amount of money in a single day. On April 29 the stock market opened. This great loss happened then.

He still has a net worth of $148 billion as of April 30, according to the Bloomberg Billionaires Index, so don’t worry about that. Jeff Bezos now has more money than the richest person in the world, Elon Musk.

A French businessman named Bernard Arnault, who runs Louis Vuitton and other luxury brands, is now threatening to take away his silver medal. Arnault’s fortune is believed to be worth $136 billion. Bill Gates is worth $125 billion, which puts him fourth on the list.

This ranking of the world’s richest people lost money on April 29, which was a bad day for Wall Street. With the exception of Arnault, all of the top 10 lost money that day. If you look at the ten richest people in the world, six of them work in technology. Warren Buffett, Gautam Adani and Mukesh Ambani are non-tech billionaires. Arnault is the only one who is not a billionaire in the field of technology.

He has a lot of money due to his 9.81 percent stake in Amazon as of March 2, says FactSet.

Amazon worries investors

There was a loss of $3.8 billion in the last three months, which works out to around $7.56 per share. This compares with a profit of $15.79 per share last year. Revenue this year was up 7% over last year, the slowest growth rate in more than 10 years.

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For this quarter, Amazon said it expects to generate between -1 billion and +3 billion dollars in operating income. This is less than Refinitiv’s forecast of around $125 billion.

As CEO Andy Jassy said: “The pandemic and then the war in Ukraine have made us grow and face new challenges.” No longer looking for space or people, our teams are focused on improving productivity and profitability in our distribution network. Before: “We’ve done this before.”

When he says this may take some time, he is referring to inflation and supply chain pressures. “We are making progress on several dimensions of the customer experience,” she says. “We are now at levels we haven’t been since the beginning of 2020,” she says.

Investors were surprised by the numbers and the comments. They thought Amazon could handle the end of the pandemic economy, which had driven people to shop online.

That’s not good news for Amazon’s core business: The economy is getting back on track. At the same time, the operating costs of the e-commerce company continue to rise. Amazon, in particular, has had to hire people to work in its warehouses and now has to pay a lot more for logistics and labor because they have to.

While sales missed expectations by just $6 million, the bigger story was that the company lost money for the first time in two years, with a loss per share of $7.56, which was nearly $16 below what it Street waited. William Blair analysts wrote a note to their clients.

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They fell 14.05 percent to $2,485.6 on April 29, their worst day since July 2006. A lot of money caught fire in a single day. Its market value, on the other hand, remains at $1.26 trillion.

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