Amazon founder Jeff Bezos loses $17 billion after Amazon's earnings; what may have triggered the fall
lost $17 billion last week. According to the Bloomberg Billionaire Index, the tech billionaire's wealth dropped from $254 billion on July 31 to $237 billion on August 1.
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The decline comes following the company's second quarterly results last week. According to a Benzinga report, investors were unimpressed with the company's second-quarter earnings as the company's stock tumbled by 8.27% on August 1. Amazon reported $167.7 billion in revenue for the second quarter, a 13% increase compared to the same period last year. This figure exceeded market expectations, which had forecast revenue of $161.9 billion.
The company also posted earnings of $1.68 per share, beating analyst estimates of $1.30 per share.
However, the slowdown in Amazon's AWS cloud computing business has been identified as a key factor behind the investor's concern. AWS reported $10.2 billion in sales for the quarter, marking a 17.5% year-on-year increase. However, this fell short of analysts' expectations of 20% growth.
Amazon shares make up a significant portion of Jeff Bezos' net worth.
He owns 884 million shares, representing 8.3% of the company's total outstanding shares. Based on the current market price, these shares are valued at $190 billion. The remainder of his wealth is tied to Blue Origin, his privately-held space exploration company, which is valued at its investment cost.
Jeff Bezos sells Amazon shares
Jeff Bezos has been on a stock selling spree recently. In early July, he offloaded approximately $737 million worth of Amazon stock.
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In the same month, he sold another 6.6 million shares of the company. In the past two years, Jeff Bezos has sold around $4.8 billion worth of the company's stocks.
The latest transaction took place on July 21 and 22. The sale was executed under the prearranged trading plan known as Rule 10b5-1.
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