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

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

Jeff Bezos is $20.5 billion less fortunate.

This enormous loss occurred during the stock market session on April 29.

Do not worry, because the entrepreneur still has a net worth of $148 billion as of April 30, according to the Bloomberg Billionaire Index. Elon Musk, the world''s richest man, has received $100 billion from Bones.

Bernard Arnault, a French businessman, has taken on the position of silver medalist in the luxury business business world, which includes Louis Vuitton, Tiffany, Hennessy, and others. Arnault''s fortune is estimated to be $136 billion. Bill Gates is in the top five with a $125 billion fortune.

On April 29, all members of the top 10 of this ranking of the world''s largest fortunes lost money. It must be said that six of the world''s ten richest people are in technology. Warren Buffett ($117 billion) and Gautam Adani ($122 billion) and Mukesh Ambani ($103 billion) are also among the world''s top 10 non-tech organizations.

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

Amazon Worries Investors

Amazon said on April 28 that it incurred a loss of $3.8 billion in the past quarter, or $7.56 per share, compared to 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 rate in over a decade.

For the current quarter, Amazon said it expects operating income of between -$1 billion to +$3 billion on revenues in the range of $116 billion to $121 billion.

The epidemic and the subsequent conflict in Ukraine have resulted in unusual growth and challenges, according to CEO Andy Jassy. "Today, as our teams were no longer seeking physical or managerial capacity, they are constantly focused on increasing productivity and cost efficiency throughout our fulfillment network. We know how to do this and have done it before.

"This may take a while, especially as we work through ongoing inflationary and supply chain pressures, but we see positive progress on a variety of customer experience dimensions, including delivery speed performance, as the magnitudes were approaching, noting that since the months preceding the epidemic in early 2020.

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

The economy''s reopening seems to be unlikely to spare Amazon''s core retail business. Gleichzeitig, the operating expenses of the e-commerce giant continue to increase. Amazon has in particular had to recruit people in its warehouses and now faces soaring logistics and labor constraints.

The largest figure was the company''s first quarterly loss since 2015, with a loss per share of $7.56, or nearly $16.00 shy of Streets earnings per share expectations, according to William Blair analysts.

Amazon''s stock has dropped by 14.05% to $2,485.63, the lowest day since July 2006. A market cap of $206 billion increased in smoke in 24 hours. Its market cap, however, remains at $1.26 trillion.

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