Jeff Bezos’ fortune has taken quite the hit in recent days.
His net worth fell by some $19 billion in the last two business days, dropping by $11 billion on Friday and another $8.2 billion on Monday. The Amazon founder and CEO, who owns 16% of the e-commerce juggernaut, is now worth an estimated $127.6 billion. He is still the richest person on the planet, ahead of Bill Gates ($94.1 billion) and Warren Buffett ($82.4 billion).
Shares of Amazon have been hammered recently, with investors sending the stock down 23% over the past month. The company reported third-quarter results last week that missed the mark, with investors glomming onto disappointing sales figures and weak sales guidance for the important holiday quarter.
Amazon said it expects revenue to grow just 10% to 20% in the current fourth quarter, which would make for the company’s slowest holiday season since 2014. For the last three consecutive years, it has recorded sales increases of 20% or more during the holiday quarter.
The recent dip is a sharp reversal for a stock that has been going gangbusters. Shares of Amazon shot up 56% in 2017 and have climbed another 31% in 2018. That kind of momentum helped Bezos become the first person Forbes has tracked to achieve a net worth of more than $100 billion. He also quickly surpassed Bill Gates to become No. 1 on The Forbes 400 list of richest Americans—the first time since 1994 that Gates wasn’t the richest. Bezos' net worth zoomed from $81.5 billion in September 2017 to $160 billion in September 2018.
Bezos isn’t the only tech billionaire whose fortune has taken a beating lately, however. Alphabet’s stock fell by 5% on Monday after the company reported quarterly sales that were lower than expected, reducing the fortunes of cofounders Larry Page and Sergey Brin by $2 billion and $1.9 billion, respectively. The pair are still ranked as the eleventh- and twelfth-richest people in the world.