Amazon CEO Jeff Bezos saw his personal net worth plummet by billions Friday after Amazon reported third-quarter earningsThursday.
At its worst, Amazon plunged 10 percent, dragging Bezos’ wealth down as much as $14 billion. The plunge was a reaction to Amazon’s report, which revealed lower than expected guidance for the upcoming holiday season. Amazon closed down 7.82 percent for the day.
Bezos’ net worth was $138 billion on Wednesday, according to Bloomberg.
Despite beating earnings per share at $5.75 versus $3.14 estimated, according to Refinitiv, Amazon grew revenue at a slower-than-expected pace. Analysts estimated $57.10 billion in revenue for the quarter, according to Refinitiv, and Amazon reported $56.6 billion.
Amazon’s guidance for the fourth quarter indicates growth is likely to slow down over a key shopping season. Still, the company expects to see growth for its high-margin cloud and advertising businesses.