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Jeff Bezos loses his crown as world's richest person as Amazon stock plunges

By Yana Berman

Disappointing Q3 report wipes around $7bn off Bezos's net worth

Jeff Bezos loses his crown as world's richest person as Amazon stock plunges

Jeff Bezos, founder and CEO of major marketplace Amazon, is no longer the world's richest person following a massive stock drop on Thursday October 24, following the release of Amazon’s third quarter results, Forbes reported..

Revenue was almost the same as predicted by experts: $70bn (£54.49bn, E63bn) vs $68.8bn. Earnings per share were lower than expected: $4.23 against $4.62. The company’s net income dropped to $2.1bn, down 26 per cent compared to the same period the previous year.

Moreover, the company gave moderate fourth-quarter revenue guidance. The range of $80bn and $86.5bn set by Amazon is far below analysts' expectations of $87.4bn.

Following the release, Amazon stock lost more than 9 per cent during post-market trading.

As a consequence, Bezos, who owns 57,610,359 Amazon shares according to a recent SEC filing, lost around $7bn. Forbes states that his current fortune is now around $103.9bn, while Microsoft founder Bill Gates is worth $105.7bn.

In 2018, Bezos succeeded Gates as the world's richest man as Amazon's business kept growing.

Amazon.com Inc
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