Wealth dynamics among the world’s billionaires shifted significantly this week as Jeff Bezos’ fortune surged to $265 billion following impressive third-quarter results from Amazon.com, Inc. In contrast, Mark Zuckerberg experienced a substantial decline in his wealth, with Meta Platforms, Inc. witnessing a steep stock sell-off that erased approximately $35 billion from his net worth.
Bezos Benefits from Amazon’s Strong Performance
Bezos, the founder and former CEO of Amazon, saw his net worth increase by $18.6 billion on Friday, according to the Bloomberg Billionaire Index. This rise can be attributed to a 9.61% surge in Amazon’s stock price, which followed the company’s announcement of better-than-expected earnings.
For the third quarter, Amazon reported net sales of $180.2 billion, marking a 13% increase compared to the same period last year. This figure exceeded Wall Street’s consensus estimate of $177.8 billion, as noted by Benzinga Pro. Additionally, Amazon’s earnings per share (EPS) stood at $1.95, surpassing expectations of $1.57. The company has also projected fourth-quarter sales between $206 billion and $213 billion, indicating anticipated growth of 10% to 13%.
Investors reacted positively to these figures, showcasing Amazon’s robust consumer demand and its continued leadership in both e-commerce and cloud computing sectors. Bezos, who holds approximately 8.6% of Amazon, now ranks as the third richest person globally.
Zuckerberg Faces Significant Setback
In stark contrast, Zuckerberg’s wealth took a hit as Meta shares plummeted by 13.52% over two days. This decline resulted in a loss of around $35 billion from his fortune. Meta reported diluted EPS of $1.05, which included a substantial one-time, non-cash income tax charge of $15.93 billion, impacting the overall results.
On an adjusted basis, Meta’s EPS was reported at $7.25, exceeding analyst expectations. Furthermore, the company’s revenue rose by 26.25% year-over-year to $51.24 billion. Despite the impressive topline growth, investor sentiment declined due to concerns over the tax charge and potential cost pressures moving forward.
Zuckerberg, who owns approximately 13% of Meta, now has an estimated net worth of $229 billion, placing him as the fifth richest individual on the planet according to the Bloomberg Billionaire Index.
The contrasting fortunes of Bezos and Zuckerberg highlight the volatility within the tech sector and the varying investor reactions to financial results. As market conditions continue to evolve, the financial landscapes for both billionaires may see further adjustments.
