Russia Vs Ukraine: Jeff Bezos Suffers Huge Financial Loss

The owner of Amazon, Jeff Bezos has lost $20 billion of his fortune as the share of his company went down.

According to Bloomberg Billionaire Index, Bezos wealth was about $148 billion as at COB on Friday, April 29, 2022, which represents about a 12 per cent loss.

The company share declined by over 15% after sharing its first quarterly result to the public, making it the biggest loss the company has suffered since 2015.

Amazon company management blamed the loss on the war in Ukraine, supply chain challenges and inflation.

Amazon shares accounts for most of Bezos wealth which means he has suffered a great loss on paper.

The Amazon boss has lost about $44 billion of wealth so far in 2022, but he remains the second-richest person in the world behind Elon Musk.

The company has opened new warehouses so as to meet demands but financial analyst have expressed their concern over the expansion claiming that it is too sudden.

Forbes reports that in a press release, CEO Andy Jassy blamed the losses on ongoing inflation and supply chain challenges, including “unusual growth and challenges” around the COVID-19 pandemic and ensuing war in Ukraine, stating that the e-commerce giant is “squarely focused” on improving productivity and cost efficiencies.

This article was originally published on Nigeria News