Amazon founder Jeff Bezos has lost over $20 billion after the tech giant saw its first quarterly loss since the Obama presidency.
Amazon operated at a net loss of $3.8 billion this quarter, compared to a net profit of $8.1 billion at the same time last year, Amazon announced Thursday.
The last time Amazon reported a quarterly loss was in 2015.
Amazon shares plummeted 14% Friday after the company announced the results. This quarter marked Amazon’s lowest sales growth since 2001, according to financial documents, with net sales increasing by just 7%.
Net sales increased by 9% in the first quarter of 2021, Amazon said.
Next quarter, the company expects net sales to grow between 3% and 7% compared to the second quarter of 2021.
Mr. Bezos, 58, has seen his net worth fall to $148.4 billion after reaching $210 billion earlier this year. The world’s second-richest man has lost $44 billion in 2022, according to Bloomberg.
Mr. Bezos isn’t the only tech mogul with a lighter wallet — the 500 wealthiest people in the world lost over $54 billion Friday, Bloomberg reported.