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Business

$3 Billion Wiped From Jeff Bezos’s Fortune as Amazon Shares Tumbles

$3 Billion Wiped From Jeff Bezos’s Fortune as Amazon Shares Tumbles

  • Jeff Bezos lost billions from his fortune as Amazon shares tumbled in New York on Friday
  • The tech billionaire is now worth only $195 billion, $100 billion behind rival Elon Musk in the wealth race
  • Amazon CEO Andy Jassy has blamed the company’s poor performance on a supply chain chaos in the third quarter

Amazon founder Jeff Bezos has fallen further behind rival Elon Musk in the race to become the richest man in the world.

Bezos lost more than $3 billion on Friday dropping from $198 billion as Amazon shares tumbled in New York.

The business has blamed the sharp drop in sales growth in the third quarter on supply chain chaos.

Elon Musk’s wealth on the other hand has been aided by a 170% rise in Tesla shares in her last 12 months.

The Tesla CEO recently surpassed $300 billion in wealth valuation, becoming the first man in modern history to achieve this feat.

The electric car maker has seen demand for its products increase in China and other countries as countries switch to more environmentally-friendly vehicles.

The company also recently joined an exclusive list of trillion-dollar companies as Hertz announced the purchase of 100,000 vehicles.

CEO Andy Jassy said the company is facing ‘several billion dollars of additional costs’ due to problems in its supply chain and surging inflation.

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