Amazon Loses $134 Billion In Market Value; Bezos’ Net Worth Drops $15.2 Billion | Companies News

Nasdaq 100 Decline Impacts Tech Billionaires

The Nasdaq 100 Index dropped by 2.4 percent which led to the significant losses for several tech billionaires. Elon Musk’s wealth fell by 6.6 billion dollars and Larry Ellison, co-founder of Oracle Corp saw his fortune decrease by 4.4 billion dollars.

Tech Titans Lose Billions as Meta and Alphabet Shares Crash

Technology billionaires Larry Page, Sergey Brin and Mark Zuckerberg each saw their net worths drop by over 3 billion dollars as shares of Meta Platforms Inc. and Alphabet crashed in New York trading. Together, their combined losses totaled 68 billion dollars, according to Bloomberg’s wealth index.

Amazon Shares Fall, Bezos Sees Third-Largest Decline

Amazon.com Inc shares fell by 8.8 percent in a wider market downturn,  dropping Jeff Bezos’ net worth to 191.5 billion dollars, according to the Bloomberg Billionaires Index.  This loss is Bezos’ third-largest single-day decline, following a 36 billion dollars drop on April 4, 2019 due to his divorce settlement, and a 14% drop in Amazon shares on April 29, 2022.

Bezos Sells Amazon Shares as Market Hits Record Highs

Bezos, at 60 years old, has been actively selling Amazon shares this year. In February, he sold 8.5 billion dollars worth of shares and had planned to sell another 5 billion dollars worth of 25 million shares last month, when Amazon hit a new record high.