Amazon (AMZN) Stock Down 4% Yesterday, Cost Jeff Bezos $4.8 Billion of Net Worth
Feb 25, 2020 at 7:04 pm UTC by Tolu Ajiboye · 3 min read
Amazon stock crashed more than 4% yesterday, causing CEO and founder Jeff Bezos to lose nearly $5 billion of his personal wealth.
The effects of the coronavirus outbreak are still being felt all over the world. With each passing day, these effects are worsening and are getting harder to ignore. Stock markets all over the world are taking a plunge and a lot of money is being washed down the drain. This problem has hit the world’s richest man and Amazon.com Inc (NASDAQ: AMZN) CEO Jeff Bezos, who lost almost $5 billion in one day.
Both Amazon (AMZN) and Jeff Bezos Are Hit Hard
Yesterday, Amazon (AMZN) stock lost 4.1% of its value and ended up closing just a little over $2,009, still with a $1 trillion market cap. The plunge reminded the company and the rest of the financial market about the potency of the coronavirus and how much effect it has on the world.
CEO Jeff Bezos was also personally affected. Because of the plunge, the Amazon boss lost $4.8 billion of his personal wealth. This dropped his total worth down to just a little below $123 billion.
Similarly, Jeff Bezos’ ex-wife MacKenzie was also affected. At least $1.7 billion of her personal wealth has also been lost because of the Amazon crash from the coronavirus fear.
On the bright side, Amazon shares have picked up a bit from its last close. It has now climbed almost 1% higher, with a pre-market value of $2,027. Its 2020 gain sits at 8.7%.
Bezos Isn’t the Only Loser
Amazon and Jeff Bezos aren’t the only ones to suffer effects of the coronavirus. Many members of the world’s billionaire class also lost varying amounts at pretty much the same time.
Just like Bezos, chairman of luxury manufacturing company LVMHBernard Arnault also lost $4.8 billion putting his total worth just a little over $100 billion according to Forbes. Further losses include Zara parent Inditex CEO Amancio Ortega, who lost $4 billion as well.
Facebook Inc (NASDAQ: FB) CEO Mark Zuckerberg was not left out as the company’s stock crashed by 4.5%. This resulted in a personal loss for Zuckerberg, worth $3.4 billion. He is however still the world’s fifth-richest person.
The extent of the crash was highlighted in a recent Fortune report. According to the publication, the 500 richest people in the world all suffered a combined loss of $139 billion. While one-day losses might not be this heavy anytime soon, the continued spread of the virus is enough reason to worry the world’s wealthiest and even all market players.
Other stocks seriously affected include Apple Inc ( NASDAQ: AAPL) and Tesla Inc (NASDAQ: TSLA).
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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