Jeff Bezos, the world’s second-richest individual and founder of Amazon, saw his net worth tumble by $16 billion on Thursday after Amazon shares suffered their steepest one-day decline in over a year, amid broad market turmoil triggered by sweeping tariffs announced by the White House.
Thursday’s rout erased nearly a tenth of Amazon’s market value in a matter of hours.
The e-commerce giant’s stock fell 8.98%, closing at $178.41, dragging Bezos’ real-time net worth down to $196.2 billion, according to Forbes Billionaires Index estimates.
The sell-off was sparked late Wednesday when President Donald Trump unveiled a broad set of new tariffs targeting foreign nations. The measures include a 10% base tariff on all imports, steeper penalties for goods from more than 60 countries, and a 25% duty on foreign-manufactured vehicles.
Global markets responded swiftly, with the Dow Jones Industrial Average shedding 3.7%, the S&P 500 down 4.4%, and the tech-heavy NASDAQ plummeting by 5.7% its worst day in recent years.
Amazon, a pillar of the U.S. stock market and a member of the so-called “Magnificent Seven,” was among the hardest hit. It is noted that the company’s global logistics network, heavy reliance on foreign suppliers, and expansion into international markets leave it especially vulnerable to protectionist trade policies.
What to know
Beyond the tariffs, Amazon made headlines after submitting a last-minute bid for the U.S. operations of TikTok, the Chinese-owned social media platform facing forced divestiture under a government mandate.
- The bid, sent to Vice President JD Vance and Commerce Secretary Howard Lutnick, is rumored to have been underwhelming, with sources suggesting it may not be taken seriously by decision-makers.
- TikTok has attracted several suitors ahead of the April 5 deadline, including Oracle, Rumble, and OnlyFans founder Tim Stokely. Lawmakers across the political spectrum have labeled the app a national security threat, with some citing concerns over anti-Israel content.
If successful, Amazon would likely integrate TikTok with its broader media and advertising ecosystem, which already includes Twitch.
Thursday’s drop in Amazon’s stock was exacerbated by technical factors. The company’s shares fell below their 200-day simple moving average, a key threshold watched by traders.
- Bezos, who founded Amazon in 1994 and stepped down as CEO in 2021 to become executive chairman, owns just under 10% of the company.
- Despite the day’s losses, he remains one of the wealthiest individuals on the planet.
- He has pledged to donate the majority of his fortune and continues to support philanthropic initiatives through the Bezos Earth Fund. He also owns The Washington Post and aerospace firm Blue Origin.
While Thursday’s market shock reflects heightened investor anxiety, Amazon’s long-term fundamentals remain strong.
