The US stock market collapsed yesterday, wiping out more than $700 billion in a matter of hours. Jeff Bezos was among the many billionaires that saw his net worth slashed, but how much did the Amazon boss lose?
According to Bloomberg, Bezos’ net worth declined by $3.4 billion yesterday as Amazon stock crumbled more than 3 percent.
Meanwhile, the bitcoin price soared 10 percent as traders sought to put money in non-correlated assets. As the global elite lost billions, one of the world’s leading bitcoin investment firms, Grayscale, saw its assets under management (AUM) rise to nearly $3 billion.
Amazon boss Jeff Bezos loses $3.4 billion in a day
The world’s richest man lost more than $3 billion on Monday during the stock market plunge. Bezos owns more than 57 million Amazon shares so it’s no surprise his net worth took a beating as Amazon’s stock price fell.
Jeff Bezos’ hit was softened by the fact he sold almost $3 billion worth of Amazon stock at the end of July. The Amazon CEO offloaded roughly 1.5 million shares over a number of days – his largest divestment since 2017. It’s rumored that Bezos plans to pump that money into his space program Blue Origin.
Zuckerberg and Gates take a hit
Jeff Bezos wasn’t the only billionaire to see his net worth wiped out on Monday. 21 high-net worth investors took a billion dollar haircut on the stock market’s worst day of the year.
Mark Zuckerberg saw hit net worth decline by $2.8 billion. French businessman Bernard Arnault lost $3.2 billion and Bill Gates shed $2 billion. Jeff Bezos remains the world’s wealthiest man with an estimated $110 billion net worth.
Bitcoin moguls see net-worth rise
As the stock market recoils, bitcoin has risen 20 percent in a week. The world’s major digital currency has emerged as something of a hedge or safe haven during period of global instability.
Leading bitcoin investment fund Grayscale saw its AUM grow $300 million in just four days, from $2.6 billion to $2.9 billion.
8/5/19 UPDATE: Holdings per share, net assets under management and digital assets per share for our investment products.
— Grayscale (@GrayscaleInvest) August 5, 2019
‘Bitcoin billionaires’ Cameron and Tyler Winklevoss, who reportedly own more than one percent of all circulating bitcoin, saw their BTC holdings grow 12 percent on Monday as the stock market plunged. Maybe it’s time Jeff Bezos diversified his portfolio with a little bitcoin?