Jeff Bezos, a billionaire, has lost $20.5 billion in 24 hours

Jeff Bezos, a billionaire, has lost $20.5 billion in 24 hours ...

Jeff Bezos is $20.5 billion more deficient.

The second richest man in the world lost this huge amount in 24 hours. To be clear, this huge loss occurred during the stock market session on April 29.

According to the Bloomberg Billionaire Index, the entrepreneur still has a net worth of $148 billion till April 30. Elon Musk, the world''s wealthiest man, is now worth $100 billion.

Bernard Arnault, a French businessman, has threatened his place as silver medalist. Arnault''s fortune is estimated to be $136 billion. Bill Gates comes in fourth place with a $125 billion fortune.

On April 29, all members of the Top 10 of this ranking of the greatest fortunes of the planet lost money. On Wall Street, six of the world''s ten richest people are in IT. Apart from Arnault, Warren Buffett ($117 billion) and Indian billionaires Gautam Adani ($122 billion) et Mukesh Ambani ($103 billion)

According to FactSet, Jeff Bezos'' net wealth is primarily related to his 9.81% share in Amazon since March 2.

Amazon Worries Investors

Amazon reported a loss of $3.8 billion during the past quarter, which equated to $7.56 per share, when it came up with a profit of $8.1 billion a year ago, or a profit of $15.79 per share.

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Revenues increased by 7% from last year to $116.4 billion, the lowest year-on-year increase in more than ten years.

For the current quarter, Amazon said its operating income is between -$1 billion to +$3 billion. This includes the range of $116 billion to $121 billion, compared to the Refinitiv estimate of $125 billion.

The epidemic and the subsequent war in Ukraine have brought unusual growth and challenges, according to CEO Andy Jassy. "Today, our teams are always focused on increasing productivity and cost efficiencies throughout our fulfillment network. We know how to do this and have done it previously."

"This may take a while to complete, especially as we work through ongoing inflationary and supply chain challenges, but we see significant improvement on a number of customer experience dimensions, including delivery speed performance, as were now approaching levels unknown since the months preceding the epidemic in early 2020, according to the author.

Investors were off guard as they believed Amazon might assist with the end of the pandemic economy that had seen consumers turn to internet shopping.

The economic reopening seems to be impossible to spare Amazon''s core retail business. Despite the increasing operating expenses of the e-commerce company, Amazon has primarily had to hire people in its warehouses and has to face increasing logistics and labor limitations.

While sales were down to $6 million, the bigger headline was the company''s first quarterly loss since 2015, resulting in a loss per share of $7.56, or nearly $16.00 shy of Streets earnings per share expectations, according to William Blair analyst.

Amazon''s stock fell by 14.05% to $2,485.63, the worst day since July 2006, on April 29. Around $206 billion in market cap went up in smoke in 24 hours. Its market cap, however, remains at $1.26 trillion.

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