Amazon stock slid 8.8% after the company reported disappointing second-quarter earnings, amid a broader market sell-off. As a result, Bezos’ net worth slipped below the $200 billion mark to $191.5 billion. However, his $191 billion net worth still places him as the second-richest person globally.
This was the third-biggest daily drop in Bezos’ wealth, following April 4, 2019, when his fortune plummeted by $36 billion due to his divorce settlement with ex-wife Mackenzie Scott, and April 29, 2023, when Amazon stock fell by 14%.
The Nasdaq index of the US stock market fell by 2.4% on Friday, affecting the net worth of other tech billionaires such as Elon Musk of Tesla and Larry Ellison of Oracle. Musk’s and Ellison’s fortunes decreased by $6.6 billion and $4.4 billion, respectively.
Uncertainties about the Federal Reserve’s interest rate cuts and disappointing earnings from some major companies pushed the Nasdaq into correction territory. The index has lost $2 trillion in market value over the last three weeks.
Investors are also concerned that the market’s rally this year, driven by the AI hype, may have gone too far or become too concentrated in a few stocks. This anxiety triggers a sell-off when new worrying news emerges. On Friday, fears of a US economic recession intensified after a disappointing July jobs report.
Amazon’s stock decline on Friday was the most significant since April 2022 and followed the company’s announcement that it would continue to invest heavily in AI, even at the expense of short-term profits.
Tech billionaires Mark Zuckerberg, Facebook’s founder, and Google co-founders Sergey Brin and Larry Page, each lost over $3 billion on Friday. According to the Bloomberg Billionaires Index ranking of the world’s 500 richest people, the collective loss for this group of tech billionaires was $68 billion.
Additionally, all ten of the world’s richest people lost money during this session, ranging from a $1.21 billion drop for French luxury mogul Bernard Arnault to a $15.2 billion drop for Bezos. However, Arnault is the only one in the top ten to see a decline in his net worth since the beginning of the year, with a loss of $25 billion.
The 60-year-old Bezos has been consistently selling Amazon stock since the beginning of the year. He sold approximately $8.5 billion worth of shares in nine trading sessions in February. In July, during a trading session when Amazon stock hit an all-time high, he announced plans to sell an additional 25 million shares worth $5 billion.
With this additional sale, the total value of shares sold by Bezos this year will rise to nearly $13.5 billion, according to Bloomberg estimates. After the sales, he still holds about 912 million shares, equivalent to an 8.8% stake in Amazon. Aside from Amazon stock, Bezos’ wealth also includes his holdings in the space exploration company Blue Origin and The Washington Post newspaper.
VinFast’s journey to realizing the dream of Vietnamese businesses conquering the international market
After a stunning victory in the “Event of the Year” category at the WeChoice Awards 2023, VinFast’s pioneering event listed on the US stock exchange has inspired many Vietnamese businesses and young people.
VinFast’s Success Leads the Way for Vietnamese Businesses to Conquer the Global Market
VinFast’s listing on the US stock exchange not only provides an opportunity for the company, but also inspires a strong sense of empowerment among young Vietnamese entrepreneurs. It affirms that dreams and ambitious visions are not bound by geographical limitations.
‘From Carp to Dragon’: VinFast’s Journey of Ascendance on the Global Financial Map
The listing of VinFast on the Nasdaq stock exchange in the United States, with a market capitalization exceeding 23 billion USD, has garnered attention from global investors. This has become an inspiration for Vietnamese businesses who dare to dream and take action.
Vingroup CEO reveals new capital mobilization plan
Currently, Vingroup operates three business entities, namely Vingroup Corporation, Vinhomes Joint Stock Company, Vincom Retail Joint Stock Company, with listed shares on HOSE, having a total market capitalization value of over 17 billion USD. These three companies have successfully raised billions of USD through the Vietnamese and international stock markets.
