Jeff Bezos has dropped to number three among the world’s richest.
According to Forbes, Bezos’ wealth dropped by more than $19 billion as of Friday bringing his net worth down to $151.2 billion.
The New York Post noted Bezos’ wealth took a hit after Amazon’s stock dropped following a downbeat earnings report.
Bernard Arnault, the French luxury tycoon, stands at number two with a net worth of roughly $159.8 billion.
Additionally, Bezos’ ex-wife, MacKenzie Scott, saw her net worth take a hit, as the Post pointed out.
Her net worth dropped to $37.7 billion.
On Thursday, Amazon announced its first quarter results, showing the company had a loss of $3.8 billion in profits.
“The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” Andy Jassy, CEO of Amazon, said.
He added, “With AWS [Amazon Web Services] growing 34% annually over the last two years, and 37% year-over-year in the first quarter, AWS has been integral in helping companies weather the pandemic and move more of their workloads into the cloud.”
Jassy appeared positive about Amazon’s future success.
“Today, as we’re no longer chasing physical or staffing capacity, our teams are squarely focused on improving productivity and cost efficiencies throughout our fulfillment network,” Jassy said.
He continued, “We see encouraging progress on a number of customer experience dimensions, including delivery speed performance as we’re now approaching levels not seen since the months immediately preceding the pandemic in early 2020.”
Amazon’s chief financial officer, Brian Olsavsky, explained during an earnings call the spike in inflation, fuel costs and labor constraints “added $2 billion to costs compared to last year,” as CNN reported.
“The cost to ship an overseas container has more than doubled compared to pre-pandemic rates,” Olsavsky said. “The cost of fuel is approximately one and a half times higher than it was even a year ago.”
Earlier this month, the company announced it would charge sellers a 5% fuel and inflation surcharge, as IJR reported.
“It is unclear if these inflationary costs will go up or down, or for how long they will persist,” Amazon wrote in a memo.