The wealthiest guy in the world loses $11 billion as the US economy weakens


Jeff Bezos, the world’s richest man, has lost $11 billion amid a US economic softening caused by the coronavirus pandemic.

Bezos’ net worth decreased from $145 billion to $134 billion in just one day on March 10. The drop in his net worth is equal to the entire profits Amazon posted in 2019.

Bezos’ drop in fortunes comes as companies around the world have experienced stock declines amid the outbreak. Moreover, Amazon’s stock is down about 15 percent this month alone.

The company has recently warned that shipping delays for non-essential items have been running two-to-four weeks, leaving customers unable to receive their orders in time. Additionally, Amazon’s cancellation of its populist Prime Day event has been estimated to cost the company nearly $5 billion in lost revenue.

To help his employees who may be in financial hardship, Bezos recently announced that Amazon will provide up to one thousand dollars a year (over two payments) for them to buy groceries and other essentials.

It remains to be seen how long the market downturn will last due to the virus but the effects on the world’s richest man have been immediate and far-reaching.