The ongoing geopolitical uncertainty in Eastern Europe and the present erratic nature of investors are hurting the world’s elite in dollar terms.
Jeff Bezos, the chairman of Amazon and the second richest man in the world, saw his net worth decline by $8.28 billion, bringing his year-to-date loss to $30.3 billion and his net worth to $162 billion.
Among the broader technology sector, Amazon shares are down Monday as the Russia-Ukraine conflict progresses, with efforts at a ceasefire and an evacuation of Mariupol failing, and after Russian forces seized control of the Zaporizhzhia nuclear power plant in Ukraine.
Read: World richest man, Jeff Bezos holds 5% of his wealth in cash
Amazon stock price action
- Amazon was down 5.31% at $2,758.83 after the first trading session of the week
- The stock recently saw a break below the higher low support trendline in what traders call an ascending triangle pattern.
- After retesting this trendline, the stock failed to break through it, maintaining its position as resistance in the process. It suggests that more bearish movements are likely to follow.
- As well as trading below the 50-day moving average (green) and the 200-day moving average (blue), the stock is trading below both moving averages.
- Each of these moving averages may serve as a future resistance area, indicating bearish sentiment.
- A December 2021 SEC filing indicates that Amazon, the world’s largest online retailer, is owned by Bezos to the tune of 10%.
- Bloomberg’s calculation of investment costs includes Blue Origin, which he owns.
- A cost of $250 million was paid by Bezos for the Washington Post in August 2013.
- A commitment of $2 billion was made in 2018 to address social issues, and a pledge of $10 billion in February 2020 to combat the effects of climate change.
Read: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy
Personal life
- Founder of Amazon, Jeff Bezos was a computer engineer on Wall Street who began selling books online in 1994.
- Following an IPO in 1997, Amazon stock shot up by almost 40-fold, sending the company into the stratosphere. At that time Bezos’s personal fortune exceeded $12 billion.
- He was valued at less than $2 billion when the technology bubble deflated in 2001.
- The Princeton graduate built his reputation on long-term thinking and focusing on customer service.
- There are today millions of different products available on Amazon. Many of those products are sold by third-party vendors who depend on Amazon’s data management services to fulfill their orders.
- As of 2019, Bezos and his wife MacKenzie divorced. The separation agreement provided MacKenzie with a 4% stake in Amazon.
- Announcing his retirement from Amazon in February 2021, he plans to devote more time to his philanthropy and other businesses.
