Amazon CEO Jeff Bezos lost $6 billion dollars in less than 24 hours this week dropping his spot as the fourth richest person in the world to the fifth richest. While the Amazon founder lost $6 billion overnight, Facebook’s Mark Zuckerberg made $6 billion in a day, catapulting him to the sixth richest person in the world. Bezos has a net worth of $55.8 billion, and the social network founder’s net worth is $47 billion.
Thursday’s tumble in Amazon’s stock came after a disappointing holiday quarter report, according to a January 29 Business Insider statement. The free-fall loss was caused by an 11 percent drop in share prices after the company’s quarterly profit fell way below expectations. In less than 24 hours, Amazon fell from just over $631 a share to under $578.
“Amazon’s earnings brought disappointment to Wall Street, and, after missing both its estimated earnings per share and revenue benchmarks, its stock tanked.”
While all investors are feeling the effects, Bezos is feeling it the most. After all, the company’s CEO owns almost 84 million shares of Amazon stock.
In contrast to Jeff Bezos, 31-year-old Mark Zuckerberg had quite a different week. Unlike Amazon’s disappointing last quarter results, Facebook posted strong fourth quarter results with strong earnings on Wednesday. As a result, Facebook shares rose by more than 15 percent in a day – earning Zuckerberg $6 billion—and placing him as the sixth richest person in the world. He has now passed Oracle founder Larry Ellison, who boasts a net worth of $44 billion.
With 1.59 billion Facebook users logging on each month, it is no surprise that Facebook’s ad sales are up 57 percent in comparison to last year’s numbers.
“Facebook shares spiked more than 15 percent Thursday after the social media giant’s earnings reported Wednesday blew past Wall Street’s most optimistic estimates. The value of Zuckerberg’s Facebook stake rose by more than $6 billion as of 2 p.m. ET.,” writes CNBC.
This week’s huge loss for Amazon’s CEO appears to be a repeat of last August when Amazon stock plunged more than 10 percent within five days in what many considered a “a massive market correction.” However, looking at the bigger picture, Amazon’s stock after Thursday’s tumble is still higher at $578 than it was in August when it was at $463 – and Jeff Bezos lost $6 billion in five days.