Jeff Bezos Loses Title of ‘Richest Person in the World’ After Drastic Drop in Net Worth

by Matthew Memrick
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Amazon founder Jeff Bezos gave up his ‘Richest Person in the World’ title after a drastic drop in net worth this past week.

Albeit small for the multibillionaire, Bezos lost $13.9 billion in one day, according to Marketwatch.com.

Earlier this month, the space enthusiast lost his ‘richest person on the planet’ title when he left the Earth for a short trip. On July 20, Jeff Bezos traveled into space with four others.

Now his wealth dropped because Amazon’s stop dropped drastically due to less than expected growth in the second quarter, sliding seven percent. Forbes.com said that Amazon officials attributed the drop to post-pandemic life in many states. The company said more people felt comfortable to leaving their homes to shop.

French multibillionaire Bernard Arnault took over the top spot. Arnault’s luxury goods company, LVMH, includes Louis Vuitton, Sephora, Moët & Chandon, and Tiffany & Co. 

Amazon’s decline also lowered the net worth of Bezos’ ex-wife. MacKenzie Scott’s net worth dropped to an estimated $56 billion on Friday. She is now the 22nd-richest person in the world.

Yahoo! News also reported that another notable billionaire named Mark Zuckerberg lost $5.4 billion last week. His Facebook company saw shares fall over concerns in advertising.

Despite the global pandemic and a recession-like economy, Arnault grew his fortune by almost $100 billion. His net worth hovers around $195.8 billion while Jeff Bezos comes in near $192.6 billion. 

But last month, Amazon customers and employees bristled at a Bezos comment. After his space flight, the Blue Origin owner thanked “every Amazon employee and every Amazon customer.” He went on to say during the conference because “you guys paid for all this.”

In 2020, Bezos was the first person to be worth $200 million. That mark came as Amazon raked in big pandemic profits. Amicohoops.net reported last week that many economists thought Bezos could be the world’s first trillionaire by 2026. He would be 62 at that point.

Jeff Bezos Out To Regain’ World’s Richest’ Title?

On the other hand, Jeff Bezos is willing to give some of those billions away. Yahoo! News reported that he offered NASA $2 billion to cover the agency’s Human Landing System fees. 

Bezos sent a letter to the agency’s administrator Bill Nelson recently, offering to help a funding shortfall. 

Last week, Ars Technica reported that Bezos lost his attempt to block NASA’s moon-landing contract with SpaceX.

NASA accepted a $2.89 billion contract with Elon Musk’s SpaceX company to develop the first commercial human lander in April and put two Americans back on the moon’s surface.  

Bezos called the move a mistake as his Blue Origin company could not bid with SpaceX and revise any bid plans.

In addition to bridging the agency’s money gap, the Amazon founder wanted to contribute to developing a mission to low-Earth orbit.

Outsider.com