Jeff Bezos is the second richest man in the world after Elon Musk, who just won Twitter (eXXpress reported). At least he was until recently – because now he’s suddenly the third biggest “wealth loser” this year. His fortune, previously estimated at around $177.5 billion, has fallen by nearly $44 billion since January 1, 2022.
Although during the corona pandemic, consumer shopping behavior focused much more on online trading as a result of the lockdowns, Amazon had to accept severe losses in the first quarter of 2022. At the beginning of the pandemic, countless employees were hired in a frenzy due to higher demand. The mountains of orders should be managed in this way, which was largely successful. However, the resulting high labor costs made things difficult for the company. In addition, there are massive price increases and an increase in inflation, which has led to a massive decrease in customers’ willingness to buy.
After the e-commerce company posted a quarterly loss (which eXXpress reported) and reported its slowest revenue growth since 2001, shares plummeted. For the quarter ended March 31, Amazon reported a net loss of $3.8 billion. In the same period last year, a profit of 8.1 billion US dollars was recorded.