Jeff Bezos’ net worth dropped by nearly ₹1.31 lakh crore on Friday as Amazon’s stock faced its worst day in over two years. This came after a disappointing jobs report led to a broad market decline, hitting Big Tech stocks hard.
Amazon’s shares fell over 9% to below ₹13,700. The company’s second-quarter revenue of ₹11.78 lakh crore was below the expected ₹12.1 lakh crore. This decline in stock value is the worst since April 28, 2022, when Amazon’s shares fell 14% after missing earnings expectations.
Bezos’ stake in Amazon, which consists of 928 million shares, fell from ₹12.6 lakh crore on Thursday to about ₹11.5 lakh crore. Despite this drop, Bezos remains the second-richest person in the world, with a net worth of ₹15.4 lakh crore. On Friday, he, along with other top billionaires like Elon Musk, Bernard Arnault, and Mark Zuckerberg, saw their fortunes decline by at least ₹8,200 crore each.
The stock market’s drop was triggered by a Labor Department report showing the U.S. added 71,000 fewer jobs than expected, raising fears of a possible recession. Amazon’s CFO, Brian Olsavsky, mentioned that the company is heavily investing in its cloud business, expected to generate over ₹8.6 lakh crore annually. Amazon has spent over ₹2.4 lakh crore to expand its cloud services, including for AI tools. Despite reaching a market value of ₹1.6 lakh crore last month, concerns are growing about whether these large investments in AI will pay off.
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