The best regulated crypto exchange
Find out why?

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

By Yana Berman
October 25, 2019, 7:53 AM GMT
Small
Medium
Large

    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
    Trader sentiment
    0%
    0%
    Daily change
    Low:
    High:

    Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

        Small
        Medium
        Large
        Subscribe to Currency.com news
        The most beautiful trading app
        google play storeapple store