By Diana Li
Jeff Bezos’s net worth shrank by $15.2 billion Friday, leading a wide-ranging slump that erased $134 billion from the fortunes of the 500 richest people in the world.
The Nasdaq 100 Index fell 2.4 per cent, dragging down the fortunes of other tech billionaires including Elon Musk and Oracle Corp.’s Larry Ellison, whose net worths were pared $6.6 billion and $4.4 billion, respectively. Uncertainty over possible Federal Reserve rate cuts, as well as some high-profile earnings disappointments, have helped plunge the tech-heavy index into correction territory, wiping out more than $2 trillion in value in just over three weeks.
Investors have also become jittery over fears that this year’s AI-fueled gains are overdone or the market is too concentrated. The decline in Amazon shares — the biggest drop since April 2022 — came after the company said on an earnings call that it planned to continue spending big on AI even at the expense of short-term profits.
Technology billionaires Mark Zuckerberg, Sergey Brin and Larry Page also each lost more than $3 billion Friday as shares of Meta Platforms Inc. and Alphabet fell in New York trading. Tech tycoons in total saw $68 billion carved from their fortunes, according to Bloomberg’s wealth index.
Bezos, 60, the world’s second-richest person, has been steadily offloading Amazon shares this year. He sold stock worth about $8.5 billion over nine trading days in February. And on a day last month when Amazon hit a fresh record, he disclosed a plan to sell 25 million additional shares worth $5 billion.
The additional sales would bring his total this year to roughly $13.5 billion, according to Bloomberg’s calculations. He would still hold almost 912 million shares, or about 8.8 per cent of Amazon, once those sales are complete.
His wealth also derives from space-exploration company Blue Origin and the Washington Post.
First Published: Aug 03 2024 | 12:31 PM IST
