Bezos' net worth drops, Amazon stock's worst three days since 2011
Strategic Resource Group Managing Director Burt Flickinger on the outlook for Amazon.
Amazon CEO Jeff Bezos has lost more than $19 billion over the course of two days, as company shares drop following a disappointing quarterly report and amid market volatility.
Bezos remains the world’s richest person, but his two-day losses are the most recorded during that short of a timeframe, according to Bloomberg’s Billionaires Index. Facebook CEO Mark Zuckerberg was the previous record-holder, losing $16.5 billion over the course of two days in July.
Bezos owns a stake in Amazon worth about $122 billion, according to data compiled for FOX Business by Dow Jones Market Data. His net worth dropped $11 billion on Friday and another $8 billion on Monday amid a widespread sell-off in the technology sector.
Nevertheless, Bezos is still significantly richer than he was at the outset of 2018, according to Bloomberg.
Over the past three days, Amazon shares have fallen more than 14.5 percent – marking the worst three-day stretch in more than seven years. The stock remains in bear market territory.
Shares fell more than 6 percent on Monday alone, amid a volatile trading day for technology stocks.
Last week the company reported earnings that beat Wall Street estimates, but its revenue and guidance for the fourth quarter – which includes the holiday season –fell short of expectations.
Despite recent challenges, shares of Amazon are still up more than 30 percent so far this year.