World’s richest man lost 7 billion dollars in a day

October 25, 2019 | Investopaper

The world’s richest man, Jeff Bezos has lost almost 7 billion dollars on Thursday after Amazon share price plunged by 9 percent.

Amazon CEO Jeff Bezos holds 57.61 million shares of Amazon. After Amazon’s third-quarter earnings fell short of expectations, investors pushed the price down by as much as 9 percent in after-hours trading.

The company reported the third-quarter earnings per share of $4.23. This fell well short of expected EPS of $4.62.  However, the revenue slightly surpassed the expectation for the third quarter. Amazon generated $70 billion in revenues above the expected $68.80 billion in the third quarter.

If the share price decline further, Jeff Bezos might lose the World’s richest man title to Microsoft founder Bill Gates.


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