  Amazon's Jeff Bezos loses $3 bn in a single hour October 28, 2016 - 13:52 AMT PanARMENIAN.Net - After months of reaching new heights, Amazon CEO Jeff Bezos’ fortune took a hit on Thursday, October 27. The billionaire’s net worth dropped $3.2 billion after hours, after Amazon missed its expected earnings for the third quarter. As of 4:45 p.m. Eastern, Bezos was worth $67.5 billion, maintaining his position as America’s second richest person ahead of investor Warren Buffett and behind No. 1 Bill Gates, Forbes reports. In its third quarter earnings report, Amazon’s net income for the three months ending on Sept. 30 was 52 cents per share, well below analysts’ expectation of 78 cents per share. The news led Amazon stock to initially drop 6% after hours, shaving billions off Bezos’ net worth. As of 4:45 p.m. Eastern, the stock was down nearly 5% from its $818 per share closing price to $782.10. Leading into Thursday, Bezos was having a record-setting year. In October, he ranked as the second richest person in the United States on The 2016 Forbes 400 list, unseating investor Warren Buffett, who had been No. 2 on The Forbes 400 for the prior 15 years. Bezos added $20 billion to his fortune in the year between the 2015 and 2016 Forbes 400, making him the biggest gainer on this year’s list. Bezos first briefly passed Buffett on FORBES’ Real-Time Billionaire Rankings on July 22 due to strong Amazon stock performance–and Buffett’s annual philanthropic summer gift of $2.9 billion a week earlier. A week later, Bezos again surpassed Buffett’s net worth, following Amazon’s strong second quarter earnings report; Bezos’ fortune reached a new high of $66.5 billion. While the two billionaires’ net worths remained close for a time, Bezos surged ahead in September and ended yesterday a full $6 billion ahead of Buffett. Now that lead has dropped more than half to just $2.6 billion. Bezos first appeared on The Forbes 400 with a net worth of $1.6 billion one year after Amazon’s IPO in 1997. Amazon stock has increased more than 54,000% since then, propelling Bezos to the top ranks of the world’s billionaires.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Erdogan wants “realistic road map” for relations with Armenia  Turkish President Recep Tayyip Erdogan has called for a “new realistic road map” for relations with Armenia.Armenia-Azerbaijan: Experts launch work on determining coordinates Expert groups from the countries started the process of determining the coordinates based on geodetic measurements.Yerevan says did not expect CSTO in peacekeeping role Pashinyan has declared that the CSTO would be expected to come to the Armenia-Azerbaijan border as an ally of ArmeniaHenrikh Mkhitaryan wins Serie A title with Inter Inter Milan midfielder Henrikh Mkhitaryan admits that the team have long been imagining clinching Serie A against AC Milan. |
