Amazon’s Jeff Bezos Lost $8 Billion In Two Days This Month

Amazon mogul Jeff Bezos lost $8 billion (£6.3bn) in a matter of days, according to a new report from Forbes.

The business news outlet says that between the afternoon of Friday 10 July and 1pm the following Tuesday, the Amazon CEO’s net worth fell by $8bn.

The observant among you will realise that’s a fair wedge to lose over the course of just two working days – in fact, it’s the combined value of the NFL’s New England Patriots ($4.1bn/£3.2bn) and the New York Giants ($3.9bn/£3.1bn).

But Forbes is quick to point out that as Bezos is worth around $181bn (£144bn), it’s just a drop in the ocean that works out as a decline of just 4.4 percent in his overall wealth.

What’s more, as Amazon had been doing fairly well (that’s putting it lightly, let’s face it) in the months beforehand, investors aren’t said to be concerned, as they’re ‘mostly chalking it up to portfolio rebalancing, or momentum stocks retreating a bit after a strong run’.

That’s basically business talk for the fact that it’s likely Bezos lost a comparatively small fraction of his dough because the market was just doing its thing, or that some money was simply being shifted around.

“Since March 18, the date that Forbes used to calculate net worths for the 2020 World’s Billionaires list, and days after the President declared a national emergency due to the coronavirus, Amazon’s stock price has soared nearly 69%,” Forbes said.

“As shoppers who sheltered at home during the pandemic turned to Amazon for ordering more purchases, its market cap reached a record $1.5 trillion, and Bezos’ fortune jumped $68 billion.”

Of course, Bezos isn’t the only filthy rich dude to get even richer during the pandemic, as Elon Musk hasn’t been doing too badly either.

The Tesla and SpaceX CEO went from being the 31st wealthiest person in the world in mid-March to number nine as of Tuesday 14 July.

According to Forbes, his net worth has ‘nearly tripled’ in the last four months, from $24.6 billion to $69.1 billion, which is thought to be ‘largely due to a massive 320% rally in Tesla’s stock’.

Speaking to Forbes earlier this month about the size of his fortune, Musk said: “I really couldn’t care less.

“Those numbers rise and fall, but what really matters is making great products that people love.”