Jeff Bezos Loses $13 Billion in Hours as Amazon Shares Slump

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"Bezos saw $20.5 billion of his fortune melt away after Amazon.com Inc.’s results left investors disappointed, helping fuel the worst month for technology stocks in years."

"Shares of the e-commerce company were down 14% on Friday after it reported a quarterly loss and the slowest sales growth since 2001."

"Bezos’s net worth fell to $148.4 billion, according to the Bloomberg Billionaires Index, from a peak this year of more than $210 billion."

"The world’s 500 richest people lost a total of more than $54 billion Friday amid the broader market rout, according to the Bloomberg index."

"Bezos, 58, the world’s richest person after Elon Musk, is now the third-biggest wealth loser this year, with his fortune dropping nearly $44 billion since Jan. 1."

"Amazon is contending with higher labor costs following a hiring binge during the pandemic and a surge in inflation that may hold back sales."

"The company posted a net loss of $3.8 billion in the quarter ended March 31, compared with profit of $8.1 billion in the same period last year."

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