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Jeff Bezos' Fortune Drops By $13.5 Billion After Huge Dip

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Jeff Bezos' Fortune Drops By $13.5 Billion After Huge Dip

Jeff Bezos has seen his fortune drop by $13.5bn (£9,708,739,650) after Amazon reported lower than expected earnings.

According to a report in Bloomberg, Amazon saw its steepest decline since May last year, plunging 7.6 percent after it was revealed the company's sales outlook didn't quite meet what analysts had expected.

The drop wiped out 80 percent of Bezos' increase to his net worth this year.

Credit: PA
Credit: PA
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But before you rush off to start a JustGiving page for Jeff, just remember he's still the richest man to have ever lived and is worth an unfathomable $192.4billion (£138,367,519,160).

Explaining what could have caused the dip, David Spika, president of GuideStone Capital Management, told Bloomberg: "When you get to the valuation levels we're at, professional investors are looking for a reason to sell.

"It could be the delta variant, it could be China. It doesn't matter. They're looking for a reason to sell because they know valuations are extended and they don't want to be the last one holding the bag."

Last month, it was suggested that Bezos could become the world's first ever trillionaire by the year 2026.

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The Amazon founder was studied by Comparisun, a business software comparison site, which used data collected from the last five years of the Forbes Rich List to calculate the yearly wealth growth rate of the world's richest billionaires.

Applying this annual growth rate over the coming years, the study concluded that Bezos - who is estimated to be worth more than $203 billion (£149bn) - could become the world's first trillionaire in 2026, at which point he will be 62.

So a nice little retirement pot for him, eh? Can get himself an allotment and grow some veg or he can continue to blast himself off into space.

Credit: PA
Credit: PA
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Bezos climbed aboard his Blue Origin New Shepard rocket for an 11-minute flight to the edge of space on 20 July.

Speaking to CNN about the trip, he said: "I know it's going to change me and I'm excited to find out how.

"We really believe this flight is safe - I had friends say to me, 'How about the second flight or the third flight, why do you have to go on the first flight?' and the point is that we know the vehicle's safe.

"If the vehicle is not safe for me, it's not safe for anyone. We have never raced. We have taken this one step at a time, we're ready."

Featured Image Credit: PA

Topics: jeff bezos, US News

Claire Reid
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