Jeff Bezos' wealth on verge of $23 billion drop, one of worst on record

Of the world's richest individuals tracked by the Bloomberg wealth index, it is reportedly said that only Mark Zuckerberg, Changpeng Zhao and Elon Musk have taken a larger hit, though that could change by week's end.

Team Newsable

First Published Oct 28, 2022, 2:39 PM IST | Last Updated Oct 28, 2022, 2:39 PM IST

Billionaire Jeff Bezos is likely to witness as much as $23 billion erased from his fortune after Amazon.com Inc. projected sluggish sales for the holiday shopping season.

After the market closed on Thursday, the stock fell as much as 21%. If that drop carries into Friday's session, the Amazon founder's wipeout would be the fifth-largest one-day decline in wealth on record.

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Should the move hold, Bezos, 58, would be worth about $111 billion, according to the Bloomberg wealth index, about half as much as his $214 billion peak in July 2021.

Jeff Bezos' wealth tumbled by more than $58 billion this year as of Thursday's close as a broader slump in technology stocks has weighed on Amazon.

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The world's largest retailer's forecast for the final quarter of the year fell far short of analysts' estimates, and Amazon expects the effects of inflation, rising fuel costs and weaker demand to persist.

Through Thursday's close, the company's stock was down about 33% this year. According to an August filing, Bezos owns approximately 996 million shares of Amazon.

MacKenzie Scott, who divorced Bezos in 2019, is set to lose $7 billion from her net worth, which was $26.8 billion at the end of the day on Thursday. According to an analysis of the company's 2022 proxy statement, she owns more than 293 million shares of Amazon.

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