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.