Amazon CEO Jeff Bezos has lost more than $6 billion in after-hours trading on Thursday, as Amazon’s stock dropped in response to the company’s fourth quarter earnings report. He’s also lost his ranking as the fourth richest person in the world.
As of 5:00 p.m. ET, Bezos was worth $49.8 billion, barely holding on to his place as the world’s fourth richest person. By 5:30 p.m. ET, Bezos had lost another $800 million dollars, which puts him in fifth place behind Carlos Slim Helu of Mexico, who is now the fourth richest person in the world with a net worth of $49.6 billion.
Investors expected a positive report from Amazon, but the company missed analyst expectations in its fourth quarter earnings report. Amazon reported a profit of $1.00 per share, while analysts expected an average profit of $1.56. In response to the news, the stock fell to a low of $545.97 after hours from its closing share price of $635.55 per share. As of 5:00 p.m. ET, Amazon was trading at $562.80.
While Bezos’ fortune fell more than $6 billion in the first hour of after-hours trading, the billionaire’s net worth has still increased dramatically in the past year. Bezos’ net worth is up more than 40% since Forbes published its annual Billionaires List in 2015. At that time, he was the 15th richest person in the world with a net worth of $34.8 billion.
Bezos first appeared on Forbes’ list of the 400 Richest Americans in 1998, four years after he founded Amazon, with a net worth of $1.6 billion.
source: forbes.com by Kate Vinton