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Jeff Bezos loses $15BN in a single day leading massive $134billion stock slump for world's 500 richest people including Mark Zuckerberg and Elon Musk

Jeff Bezos lost $15billion from his wealth in a single day after a massive stock slump saw the world's 500 richest people including Mark Zuckerberg and Elon Musk lost $134billion overall.

Shares of Amazon.com Inc went down by 8.8 per cent on Friday as part of a wider sell-off in the market, according to Bloomberg. This dropped Bezos' net worth to $191.5billion, because his wealth being wrapped up in his company.

Bezos has been repeatedly offloading Amazon shares this year, selling $8.5billion in stocks in February and announcing plans to sell another $5billion worth of shares, which would still leave him with 912 million shares, or 8.8 per cent of the stock.

The tech-heavy Nasdaq 100 index fell by 2.4 per cent, which also impacted billionaires like Mark Zuckerberg and Elon Musk included in the list of the world's 500 richest people.

Zuckerberg's Meta Platforms Inc shares fell by 1.9 per cent, causing him to lose more than $3billion in value, while Musk's net worth of $252billion also dropped by $6.6billion as his Tesla shares plunged by 4.2 per cent.

Friday's $15.2billion loss is the third-worst wipeout Bezos has experienced after his wealth shrank by $36billion after his divorce in April 2019 and when Amazon's shares fell by 14 per cent in April 2022.

The recent plunge of the Amazon shares comes after the company said that it would continue to invest heavily into AI, despite fears by investors all over the industry that the gains fueled by AI this year are overdone.

Other billionaire who lost money due to the Nasdaq falling are Oracle Corp's Larry Ellison, whose wealth dropped by $4.4billion, as well as tech billionaires Sergey Brin and Larry Page who each lost more than $3billion.

The aftermath of the Nasdaq index falling on Friday was still felt on Monday as stock markets around the globe continued plunging amid fears the US economy may be on track for a recession as Japan suffered its worst sell-off since 'Black Monday' in 1987.

Experts at investment bank Goldman Sachs said they now believed there was a staggering 25 per cent chance of a recession in the US - up ten percent from their previous estimate of 15 per cent, while JP Morgan put the chances of a recession at 50 per cent.

US stock index futures tumbled on Monday, with those tied to the Nasdaq falling nearly 4 per cent, but traders are now ramping up bets that the Federal Reserve will announce an emergency interest rate cut in response to the global stock market crash and to avoid a huge recession.

The sell-off followed the release of a dismal unemployment report last week.

Top 10 billionaires - and how much money they lost

1. Elon Musk - Tesla: $235bn, -$6.57bn

2. Jeff Bezos - Amazon: $191bn, -$15.2bn

3. Bernard Arnault - LVMH: $182bn, -$1.21bn

4. Mark Zuckerberg - Meta: $174bn, -$3.39bn

5. Bill Gates - Microsoft: $155bn, -$1.95bn

6. Larry Page - Alphabet (Google): $150bn, -$3.45bn

7. Larry Ellison - Oracle: $148bn, -$4.37bn

8. Steve Ballmer - Microsoft: $142bn, -$2.83bn

9. Sergey Brin - Alphabet (Google): $141bn, -$3.24bn

10. Warren Buffett - Berkshire Hathaway: $135bn, -$1.31bn

DAILYMAIL.CO.UK

Oh no, so sad. 💔🎻

These guys are loaded.

I dedicate "I Believe" by Asake to them.
Great jam!

When they talk about vanity, na this kind vanity I like😂

This kind money sef. True true money get best-friends and strong enemies.

Noted

That's my name up there 🏃🏃🏃🏃🏃

How does this news cushion the effect of Tinubu's hardship on hapless Nigerians ?

I lost #7,500 yesterday and I cried all the way home. This life nor balance.

God , touch my brain, Give me divine wisdom to add values

One question the money they lost, who gained it?

Hahahahaha 😂😆
Who will the Igbos' animals blame now?
Tinubu?
I don't think so
Children of hate over to you.

I know say if I hail Jagaban now, nairalanders ready to eat me raw. But I love Jagaban. God bless Nigeria. #techbubble

Recession is coming to the US. It will drag most of the world with it.

They will make it back when the stock market rebounds.

.

Vanity crew don dey vex,,


They were about to type it but when they remembered the hot backlash that would come - they just read and pass!!









C h a i..

wellmax:
One question the money they lost, who gained it?

Jagaban de set our compass to begin gain their loss. Life na merry go round.

If na Nigeria now we go don blame government tire

FitCorper:
I know say if I hail Jagaban now, nairalanders ready to eat me raw. But I love Jagaban. God bless Nigeria. #techbubble

I'm with you, God bless Nigeria, I love jagaban too

Abeg the money they lost can it be found

wellmax:
One question the money they lost, who gained it?

Good question

wellmax:
If na Nigeria now we go don blame government tire

OSU pig hand work

Who gained the money they lost?

Deziwealth:
I'm with you, God bless Nigeria, I love jagaban too

God bless you and your household bro. It’s refreshing to see forward thinkers on Nairaland 😁

Chaii omo see trillions of naira

TemplarLandry:
These guys are loaded.

I dedicate "I Believe" by Asake to them.
Great jam!

These dude and dedication na bread and cheese

I dey

and they're still breathing 😆😆

But I just comot 500k do something and I haven't been breathing fine since morning

No be small thing for we Billionaires o,

We sef lose like 9.5....

But God dey sha.

We will RECOVER.

That is business for you.........
shares kinda business.

They only lost on paper

It’s an academic loss.