Amazon founder Jeff Bezos loses $20 billion in a day amid poor quarterly outcomes | Companies News

New Delhi: On Friday, Jeff Bezos misplaced roughly $20.5 billion when Amazon Inc’s inventory fell 14% following the corporate’s quarterly report. According to Bloomberg, Amazon posted a quarterly deficit and the bottom gross sales improve in additional than 20 years. The e-commerce behemoth misplaced $3.8 billion within the March quarter, in comparison with a revenue of $8.1 billion within the earlier yr’s equal quarter. Bezos’ internet value has dropped to $148.4 billion from a report of greater than $210 billion, in line with the Bloomberg Billionaire Index.

With belongings down roughly $44 billion since January 1, Bezos, the world’s second-richest man, is now the third-largest wealth loser this yr.

Amazon’s poor quarterly outcomes launched on Friday added gas to what has been one of many worst months in current reminiscence for know-how corporations. During the current inventory market meltdown, the world’s 500 wealthiest folks misplaced roughly $54 billion on Friday.

The S&P 500 Index plummeted 3.6 p.c on Friday, essentially the most in a single day since June 2020. The Index dropped essentially the most in a single month because the begin of the COVID-19 pandemic in early 2020.

The Nasdaq, which is closely weighted in know-how, fell 4.5 p.c on Friday. In 2022, the index dropped over 13%, the most important drop because the monetary disaster of 2008. The world’s most respected firm, Apple Inc, fell 3.66 p.c as a dismal outlook overshadowed report quarterly revenue and gross sales.

According to Reuters, the unpredictable inventory market will probably be put to the check subsequent week because the US Federal Reserve prepares to spice up rates of interest and tighten financial coverage to fight rising inflation. As the market prepares to enter an often leaner six-month interval of shares, issues about financial coverage have been exacerbated by the Ukraine-Russia disaster and China’s current lockup.

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