Amazon CEO Jeff Bezos’s wallet is looking a little lighter.
After the e-commerce giant announced lower-than-expected earnings in the third quarter on Thursday night, it wasn’t just Amazon’s stock that fell.
While Amazon shares were down 8% at the opening of the market on Friday morning, Bezos, who is the company’s largest shareholder, lost as much as $14 billion in personal wealth, according to CNBC estimates. Stock market selloffs earlier this month had already negatively impacted the CEO’s personal wealth, with his net worth falling from $161 billion in early October to $140 billion on Oct. 11—a drop of $15 billion.
This is the second time that Amazon’s results have fallen short of Wall Street’s targets. As part of its earnings call, the company also warned that its fourth quarter would likely do the same, despite including the busy holiday season. However, the company reportedly expects its cloud and advertising businesses to see more robust growth.
As of Thursday, Bezos’ net worth was roughly $138 billion. Even with the losses he’s incurred since then, that estimate still puts him firmly ahead of the second richest man, Bill Gates, whose net worth is currently estimated at $93 billion.
