Jeff Bezos experienced a significant drop in his net worth on Friday, losing $15.2 billion. This decline was part of a broader market slump that affected the wealth of the 500 richest individuals, erasing a combined $134 billion.
Amazon’s stock price plummeted by 8.8%, contributing to Bezos’s financial loss. This marked his third largest single-day loss, following his divorce settlement in 2019 and a significant Amazon share drop in 2022.
The Nasdaq 100 Index also experienced a decline, impacting other tech billionaires, including Elon Musk and Larry Ellison. Uncertainty surrounding potential Federal Reserve rate cuts and disappointing earnings reports have contributed to the tech-heavy index’s recent downturn.
Investors are expressing concerns about the market’s concentration and the sustainability of recent AI-fueled gains. Despite Amazon’s announcement of continued investment in AI, the company’s stock suffered its biggest drop since April 2022.
Several tech billionaires, including Mark Zuckerberg, Sergey Brin, and Larry Page, experienced losses exceeding $3 billion as Meta Platforms and Alphabet shares declined. In total, tech tycoons lost $68 billion in wealth on Friday.
Bezos, the world’s second-richest individual, has been progressively selling Amazon shares throughout the year. He sold $8.5 billion worth of stock in February and announced plans to sell an additional $5 billion worth of shares last month.
Once these sales are complete, Bezos will still hold a substantial portion of Amazon stock, representing about 8.8% of the company. His wealth also stems from investments in Blue Origin and the Washington Post.
