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Monday, May 20, 2024

Jeff Bezos was the biggest net-worth loser in the last year, with his fortune dropping $57 billion, according to Forbes

Jeff Bezos was the biggest net-worth loser in the last year, with his fortune dropping $57 billion, according to Forbes

Amazon's stock took a big hit in the past year, sending Jeff Bezos' net worth down $57 billion, but he's still the third-richest person in the world.
It's been a rough year for tech companies, and tumbling stock prices have put big dents in their founders' fortunes.

Forbes released its annual ranking of the world's richest billionaires on Tuesday, and the list identified the billionaire whose wealth took the greatest hit in the last year: Amazon founder Jeff Bezos.

Bezos' net worth is down $57 billion from last March but still sits at a cool $114 billion, making him the world's third-richest person, according to Forbes. Amazon's stock fell by 50% in 2022, and it became the first public company to ever lose $1 trillion in market value.

Tesla and Twitter CEO Elon Musk came in second place on Forbes' list, with a net worth of $180 billion, and Bernard Arnault, the CEO of luxury goods company LVMH, has taken the top spot with a net worth of $211 billion.

This year's list included 313 tech billionaires worth a collective $1.9 trillion, down from 332 tech industry titans worth $2.1 trillion last year, per Forbes. In 2021, a red-hot year for the industry, Forbes identified 365 tech billionaires worth a record $2.5 trillion.

So far, 2023 has also been off to a rocky start for Amazon. CEO Andy Jassy, who took over when Bezos stepped down in July 2021, announced in January that the company would slash 18,000 jobs, marking the biggest job cuts in its history. In March, Jassy said Amazon would lay off 9,000 additional workers on top of that as it looks to be a "leaner" company.
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