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Jeff Bezos isn’t the richest person on the planet anymore, and this time it’s not because he physically left earth in a Blue Origin rocket. Amazon stock fell 7.6% on Friday after the company reported its second quarter results Thursday afternoon, slashing its founder’s fortune by $ 13.9 billion in one day and pushing Bezos behind the French magnate Bernard Arnault.
Shares of luxury goods conglomerate Arnault LVMH fell 1.4% on Friday, also impoverishing Arnault by $ 2.9 billion, but he still ended the week with an estimated net worth of 192.9 billion dollars, 500 million dollars ahead of Bezos. The two leapfrogged for first place in late May and early June, but Bezos had spent the past 50 days as the richest person in the world, despite his brief interstellar excursion on July 20.
After Arnault enriched himself by more than $ 100 billion in the first year of the pandemic, the LVMH rally leveled off for most of the summer. Arnault owns a 47% stake in the company, which has a market capitalization of over $ 400 billion. Its subsidiaries include Louis Vuitton, Moët & Chandon, Christian Dior and Tiffany & Co.
Bernard Arnault 47% of LVMH’s capital is worth nearly $ 190 billion.
AFP via Getty Images
Despite the decline in shares, Amazon was far from a failure in the second quarter. The company generated $ 113 billion in revenue, 27% more than the same period last year, and $ 7.8 billion in net income. But shareholders were hoping the embarrassment of wealth would be even greater, especially after first-quarter revenue rose 44%. Amazon said Thursday it expected third-quarter revenue to be between $ 106 billion and $ 112 billion, lower than the $ 119 billion analysts expected. Amazon CFO Brian Olsavsky attributed the slowdown to people feeling more comfortable leaving home to shop and spend on other activities compared to spring and summer. last at the heart of the pandemic.
Amazon’s drop also reduced the net worth of Bezos’ ex-wife MacKenzie Scott to around $ 56 billion, a drop of $ 4.6 billion on Friday, making her the 22nd most rich in the world.
Aside from Bezos and Scott, most of the week’s biggest billionaire losers reside in China, where stocks have continued to fall due to the country’s ongoing tech crackdown. This month, Chinese authorities forced app stores to remove transit giant Didi in the days following its U.S. IPO, crippled online tutoring companies by forcing them to register as nonprofits, ordered food delivery companies to provide more protections for their drivers, and called on tech conglomerate Tencent. waive exclusive license rights to online music.
The fortune of Tencent CEO Ma Huateng fell from $ 4.7 billion to $ 47.5 billion this week, as the company’s shares fell 8.5%. The CSI 300 index, which tracks the performance of the largest listed stocks in China, fell 5.5% this week, and the Hang Seng index which tracks the Hong Kong stock market fell 5%.
HERE ARE THE BILLIONAIRES WITH THE MOST FALLING FORTUNE THIS WEEK.
The change in net worth is made from the close of markets from Friday July 23 to Friday July 30.
NET VALUE | $ 192.4 BILLION, DOWN $ 16.8 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | AMAZON
NET VALUE | $ 56 BILLION, UNDER $ 5.5 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | AMAZON
NET VALUE | $ 47.5 BILLION, DOWN $ 4.7 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | INTERNET MEDIA / TENT
NET VALUE | $ 17.1 BILLION, DOWN $ 4.2 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | E-COMMERCE / MEITUAN
NET VALUE | $ 11.1 BILLION, DOWN $ 4 BILLION
COUNTRY | SINGAPORE
SOURCE OF WEALTH | RESTAURANTS / HAIDILAO
NET VALUE | $ 27.9 BILLION, DOWN $ 2.6 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | REAL ESTATE
NET VALUE | $ 14.6 BILLION, DOWN $ 2.6 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | REAL ESTATE
NET VALUE | $ 77.6 BILLION, DOWN $ 2.5 BILLION
COUNTRY | INDIA
SOURCE OF WEALTH | DEPENDENCY INDUSTRIES
NET VALUE | $ 24.3 BILLION, DOWN $ 2.5 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | EBAY, PAYPAL
NET VALUE | $ 22 BILLION, DOWN $ 2.5 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | MEDICAL EQUIPEMENT
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