World, IncAMZN founderJeff Bezosreportedly experiencedrough financial weather last year as his net worth decreased by billions.

According to the Forbes annualrankingof the world's wealthiest people, Bezos' net worth is down $57 billion from last March. Bezos was the second-richest person in 2022, but this year he is at No. 3 with a net worth of $126 billion. The slide was largely driven by Amazon's stock price dropping 38% in 12 months.

Amazonannounced a fresh round of job cutsin March to streamline the company's costs, impacting about 9,000 workers. The job cut was on top of the previously announced layoffs that began in November2022.

In astatement, Amazon CEO Andy Jassy said the decision to lay off more employees took into account the economy and the "uncertainty that exists in the near future."

Also Read:Ouch Jeff Bezos Slams Biden For Blaming Gas Stations: Here's What The Amazon Founder Said

The second-biggest loser was Twitter CEOElon Musk. He lost his title of world's richest person and now sits in second place with a net worth of $191 billion, the Forbes real-time billionairelistshows. His fortune plunged $39 billion year-over-year.

According to a report, Musk has become theonly person in human historyto lose $200 billion in net worth.

His net worth peaked at $340 billion in November 2021. However,Musk saw his wealth dropto $137 billion by the end of 2022, driven byTesla Incshares falling about 65% last year.

CEO of luxury goods company LVMH Bernard Arnault has taken the top spot with a net worth of $228 billion, the Forbes billionaire list mentioned.

Now Read:This Tycoon Just Joined An Exclusive 10-Member Club With Elon Musk And Jeff Bezos

Photo: Shutterstock

Articles You May Like

Infected blood victims to get £210,000 interim compensation payment
Medicaid Unwinding Deals Blow to Tenuous System of Care for Native Americans
News Corp, OpenAI reach landmark content licensing deal
Tech giants pledge AI safety commitments — including a ‘kill switch’ if they can’t mitigate risks
Microsoft debuts $1K Copilot+ PCs with AI features: ‘Compelling reason to upgrade’