The drop in Jeff Bezos’ net worth and Amazon’s stock highlights the volatility in the market, especially for Big Tech stocks –
- Net Worth Drop:
- Jeff Bezos’ net worth fell by nearly ₹1.31 lakh crore.
- Amazon’s stock experienced its worst day in over two years.
Market Impact
- Stock Performance:
- Amazon’s shares dropped over 9%, falling below ₹13,700.
- Second-quarter revenue of ₹11.78 lakh crore missed the expected ₹12.1 lakh crore.
- Worst stock performance since April 28, 2022, when shares fell 14%.
Financial Details
- Bezos’ Stake:
- Owns 928 million shares of Amazon.
- Value of shares dropped from ₹12.6 lakh crore to about ₹11.5 lakh crore.
- Despite the drop, Bezos remains the second-richest person globally with a net worth of ₹15.4 lakh crore.
Broader Market Decline
- Other Billionaires:
- Top billionaires like Elon Musk, Bernard Arnault, and Mark Zuckerberg also saw declines in their fortunes by at least ₹8,200 crore each.
- Decline triggered by a disappointing Labor Department report showing the U.S. added 71,000 fewer jobs than expected.
Amazon’s Investments
- Cloud Business Focus:
- Amazon heavily investing in its cloud business, expected to generate over ₹8.6 lakh crore annually.
- Over ₹2.4 lakh crore spent on expanding cloud services, including AI tools.
- Despite reaching a market value of ₹1.6 lakh crore last month, there are growing concerns about the return on these large AI investments
