ounder and CEO Jeff Bezos once offered up one of his rockets to shoot Donald Trump out into space. Over the past week, Bezos could be wishing that had actually happened—because tweets by President Trump bashing Amazon appear to be costing Bezos billions of dollars.
Bezos is the world’s richest man, with a net worth estimated over $100 billion since the start of the year. Bezos’s wealth is based largely on the price of Amazon stock, and as shares soared in early 2018 his fortune grew by more than $30 billion. As of Monday, March 26, Jeff Bezos’s net worth stood at nearly $130 billion, according to both Forbes and the Bloomberg Billionaire Index.
Yet one week—and four Amazon-related Trump tweets later — Bezos’s net worth is down to $114 billion, Forbes estimates. In a dismal day for stocks in general, Amazon shares dropped an especially steep 6% on Monday. Over the past week, Amazon’s stock price has dropped by around 10%, subtracting roughly $16 billion away from Bezos.
While it’s impossible to pinpoint the exact reason any individual stock or the broader stock market rises and falls, recent social media messages directed at Amazon by the “Tweeter in Chief” seem to be a factor. In a string of tweets, President Donald Trump has attacked Amazon and Bezos over the past week for paying too little in taxes and taking advantage of the postal service, among other things.
trump said.. I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business! MiamiTight.com 4 more