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Jeff Bezos sets new wealth record, losing $19.2 billion over two days

The Amazon.com Inc. founder lost $19.2 billion over the past two trading days amid a global market selloff fuelled by fears of further trade tensions.

business Updated: Oct 30, 2018 11:08 IST
Reade Pickert
Reade Pickert
Bloomberg
Jeff Bezos,Mark Zuckerberg,Jeff Bezos wealth
Jeff Bezos, Amazon founder and CEO, speaks at The Economic Club of Washington's Milestone Celebration in Washington on September 13.(AP File Photo)

Jeff Bezos is still the world’s richest person, but he’s a lot closer to No. 2 Bill Gates than just a few months ago.

The Amazon.com Inc. founder lost $19.2 billion over the past two trading days -- the most ever in that time, according to the Bloomberg Billionaires Index -- amid a global market selloff fuelled by fears of further trade tensions. Facebook Inc.’s Mark Zuckerberg held the previous record, set in July, when the social-media giant reported revenue and user growth that missed estimates, lopping $16.5 billion from his fortune.

Technology stocks led Monday’s declines, with the Nasdaq Composite Index sliding to its lowest since April. Shares of Amazon tumbled 6.3 percent, on top of Friday’s 7.8 percent drop, leaving Bezos with $128.1 billion, down from a peak of $167.7 billion early last month.

The $8.2 billion hit he took Monday was the biggest by far on the Bloomberg ranking of the world’s 500 richest people. Mexican telecom tycoon Carlos Slim’s $2.5 billion drop was the day’s second-largest. Gates, the Microsoft Corp. co-founder, lost $558.3 million and is now worth $92.8 billion.

First Published: Oct 30, 2018 11:08 IST