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Amazon founder Jeff Bezos has lost more than $20 billion after the tech giant saw its first quarterly loss since the Obama presidency.
Amazon operated with a net loss of $3.8 billion this quarter, compared to a net profit of $8.1 billion in the same period last year. announced Thursday.
The last time Amazon reported quarterly losses was in 2015.
Amazon shares tumbled 14% on Friday after the company announced the results. This quarter marked Amazon’s lowest sales growth since 2001, with net sales up just 7%, according to financial documents.
Amazon said net sales rose 9% in the first quarter of 2021.
In the coming quarter, the company expects net sales to grow between 3% and 7% compared to the second quarter of 2021.
Mr. Bezos, 58, saw his net worth drop to $148.4 billion after hitting $210 billion earlier this year. The second richest man in the world lost $44 billion in 2022, by virtue of to Bloomberg.
Mr. Bezos isn’t the only tech giant with a lighter wallet – the world’s 500 richest people lost over $54 billion on Friday, Bloomberg reported.
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