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Articles > News & Politics August, 04, 2020

Amazon Founder Loses $8 Billion Dollars in 2 Days And Here’s Why

Khestie Phelix
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It’s been a bad time at the office for the world’s richest man and founder of Amazon, Jeff Bezos, according to Forbes…

What’s going on?

The Amazon Founder lost an estimated amount of $8 Billion Dollars in a couple of days. Bringing his total wealth down from $118 Billion dollars to $110 Billion dollars (taking his total loss in a month to over $18 Billion dollars!). However, the Amazon CEO isn’t too bothered – he still has enough in his coffers to keep him going. The loss is just a 4.4% decline in his fortune and for him it might just be a typical day at the office.

How did this happen?

Now I’m sure you’d like to know how all this losses came about. Well to break it down for you easily, he lost billions in $ as Amazon stock fell drastically between Mondays opening and Friday’s closing in the stock markets (13th-17th July).

Initially Amazon made billions during the lockdown because as people were forced to stay home, this meant more and more people had to order online for most of the things they needed. Of course, they all turned to the world’s biggest online market place, Amazon!

It’s not just good news for Amazon…

While most billionaires are seeing their fortunes drop, one man is raking in the money and subsequently jumped number 31 to number 9 in the Rich list. And that man is none other than owner of Tesla, Elon Musk.

His net worth has nearly tripled in the last four months (from $24.6 billion to $69.1 billion), largely due to an incredible and massive 320% increase in Tesla’s stock. It’s the first time Musk ranks among the world’s top 10.

“I really couldn’t care less, those numbers rise and fall, but what really matters is making great products that people love.” – says Elon Musk when he was interviewed recently about his rise into the top 10 richest people in the world.

What do you have to say about all this, do you think the Amazon founder will finally get overthrown from the number one spot? Let us know in the comments below!

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