COP26: Jeff Bezos blasts people who ‘hanker for good old days’
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The online retail company fell by more than 13 percent after investors reacted to Amazon’s weakest growth in two decades. There has also been a warning the company could suffer a further slowdown.
According to the Telegraph, the drop knocked over $178billion (£142billion) off Amazon’s value.
Mr Bezos, who founded the Seattle-based company in 1994, has a 9.8 percent stake in Amazon.
Mr Bezos’ shares have helped make him the second richest man in the world.
The 58-year-old is behind only Tesla CEO and SpaceX founder Elon Musk.
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However, the fall on Friday now means Mr Bezos has lost around $40billion (almost £32billion) in this year alone.
The drop has left him with a fortune of $152billion (almost £121billion).
The Telegraph has revealed Amazon shares have taken a hit since consumers have emerged from the COVID-19 pandemic.
When coronavirus created economic barriers in 2020, Amazon stocks increased by more than 60 percent.
Share prices dipped to $2,472.44 (£1,967) recently after reaching a peak of $3,408.09 (£2,712) in January.
However, Amazon said on Thursday its revenues had climbed by only seven percent in the first three months of 2022.
The rise was the company’s most sluggish growth since October 2021.
But Amazon also recorded its first quarterly loss since 2015 after it took a multi-billion dollar write-down on its stake in the electric car company Rivian.
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The company’s profitability has also been hit by rising inflation in wages and soaring fuel prices.
Shipping costs have also caused problems for the company.
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