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Jeff Bezos Lost $9 Billion Yesterday. Here’s why

Jeff Bezos, founder of e-commerce giant Amazon, ended Wednesday $9.1 billion poorer and now has a net worth of $144.7 billion

This comes after a sharp drop in general US. tech stocks on Wednesday, in what is the biggest drop in US. stock in more than six months.

Amazon stock dropped 6.15% and closed at $1.755.25 per share. This continues on a pattern for the e-commerce company who has lost over 13.2% of its share value since the beginning of October. Amazon share had a stellar first three quarters of the year where the stock increased by almost two-third.

This drop affects Bezos so much because most of his net worth comes from his 16% stake in Amazon.

Others affected by the steep drop are Google co-founders, Sergey Brin and Larry Page who have lost a combined $4.3billion on Wednesday and Facebook’s Mark Zukerberg who is down $2.4 billion.

Despite the drip, Bezos remains the richest man in the world, with a net worth of $169 billion

 

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