Amazon received a big blow when its shares suffered the biggest drop since 2014, while its owner Jeff Bezos lost, on Friday, about $21 billion of his net worth, according to reports.
According to reports, the value of Amazon's stock fell more than 13%, after investors reacted to the company's weakest growth in two decades, in addition to warnings that the company may suffer from a further slowdown in growth, according to the British newspaper The Telegraph.
And the decline in the company's shares, on Friday, means that Jeff Bezos lost about $ 40 billion this year, but he remains with him $ 152 billion.
It is noteworthy that Bezos, the 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.
And Amazon announced Thursday evening that revenue jumped only 7 percent in the first three months of the year, the slowest growth since October 2001.
The company also recorded its first quarterly loss since 2015, when it reduced its value by billions of dollars from its stake in the "Rivian" company, the electric vehicle maker.
Profits were also hit by rising wage inflation, fuel prices and shipping costs.
Bezos' stake in Amazon makes up the vast majority of his net worth, with his stake in space company Blue Origin and other investments making up the rest.
The Source
- Agencies