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Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

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OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation

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‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
FinanceAmazon

Jeff Bezos Just Lost Nearly $6 Billion

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Chris Matthews
Chris Matthews
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Chris Matthews
Chris Matthews
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January 29, 2016, 9:14 AM ET
Amazon founder and Washington Post owner Jeff Bezos and U.S. Secretary of State John Kerry deliver remarks during the opening ceremony of the newspaper's new location January 28, 2016 in Washington, DC.
Amazon founder and Washington Post owner Jeff Bezos and U.S. Secretary of State John Kerry deliver remarks during the opening ceremony of the newspaper's new location January 28, 2016 in Washington, DC.Photograph by Chip Somodevilla—Getty Images
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In pure dollar terms, Amazon CEO Jeff Bezos is having a much worse day than you are.

After Amazon (AMZN) reported disappointing earnings Thursday afternoon, its stock cratered and is down more than 10% in premarket trading Friday morning. Because Bezos owns close to 84 million shares in the e-commerce giant, that dip means that he is almost $6 billion poorer this morning than he was yesterday.

The stock plunge came after Amazon posted significantly less profit than expected during the holiday quarter, while expenses grew more quickly than investors would have liked. As Fortune’s Barb Darrow pointed out last night, Amazon’s cloud business, Amazon Web Services, continued to grow its top and bottom line at a rate that would make most companies green with envy. But that still didn’t satisfy panicky investors, who were expecting even faster growth in that segment.

 

Regardless of investor sentiment, Amazon Web Services is obviously a huge profit driver for the company, with earnings from that unit accounting for 142% of the conpany’s profits last quarter.

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