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Jeff Bezos Loses $6B Overnight as Amazon Stock Dips

Image: Jeff Bezos Loses $6B Overnight as Amazon Stock Dips

Jeff Bezos, chief executive officer of Amazon, arrives for the third day of the annual Allen & Company Sun Valley Conference, July 13, 2017, in Sun Valley, Idaho. (Drew Angerer/Getty Images)

By    |   Friday, 28 Jul 2017 03:20 PM

Jeff Bezos lost $6 billion overnight after briefly becoming the richest person in the world Thursday due to Amazon stock fluctuations.

Thursday morning, Amazon stock rose 1.6 percent on earnings expectations, giving Bezos a net worth of $90.6 billion, about half a billion above Bill Gates’ $90.1 billion net worth, Forbes reported Thursday.

As the morning went on, Bezos peaked at about $92 billion, but the trend was not to last. Later in the day, Amazon’s earnings report was lower than expected and the stock fell, jolting Bezos out of his No. 1 position and securing Gates back on top of the wealthiest billionaire list.

In fact, Fortune reported Bezos lost a total of $6 billion in just 24 hours.

Bezos is still second on the world's richest list, and was worth about $87 billion Friday, according to Forbes. His wealth grew by $25 billion in the past year.

Amazon reported higher revenue in the second quarter of 2017, and sales jumped 25 percent year over year, CNBC reported. Profits were lower than expected, however, because of investments Amazon made in video and international expansion, among other areas.

“As investors, everyone knows that Amazon really doesn’t care about the bottom line,” Destination Wealth Management founder Michael Yoshikami said on CNBC’s “Closing Bell.” “What you’re buying it for is top-line growth,” he said — growth that may put Bezos back on top of the wealthiest person list in coming months or years.

Twitter users didn't seem too concerned about Bezos.

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Jeff Bezos lost $6 billion overnight after briefly becoming the richest person in the world Thursday due to Amazon stock fluctuations.
jeff bezos, loses, 6b, overnight, amazon
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2017-20-28
Friday, 28 Jul 2017 03:20 PM
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