Amazon faced a significant blow when its shares experienced the largest drop since 2014, resulting in owner Jeff Bezos losing approximately $21 billion from his net worth on Friday, according to reports. The reports indicate that Amazon's stock value fell by more than 13 percent in response to investor reactions to the company's weakest growth in two decades, alongside warnings that the company may face further growth slowdowns, as reported by the British Telegraph.
The drop in the company's shares on Friday means that Jeff Bezos has lost about $40 billion this year, though he still retains $152 billion. It is noteworthy that Bezos, founder and CEO of Amazon, owns 9.8 percent of the company's shares, making him the second richest person in the world after Elon Musk.
Amazon announced on Thursday evening that revenues increased by only 7 percent in the first three months of the year, the slowest growth since October 2001. Additionally, the company recorded its first quarterly loss since 2015, having marked down billions of dollars from its stake in electric vehicle manufacturer Rivian. Profits were also impacted by rising inflation in wages, fuel prices, and shipping costs. Bezos's stake in Amazon constitutes the vast majority of his net worth, with his share in space company Blue Origin and other investments making up the remainder.
