Jeff Bezos experienced a significant drop in his net worth, losing nearly $16 billion on Friday. This came as Amazon's stock faced its worst day in over two years, driven by a disappointing jobs report that triggered a broader market selloff, intensifying the ongoing decline in Big Tech stocks. By around 3:30 p.m., Amazon's shares had plummeted over 9% to below $167, following the announcement of $147.9 billion in second-quarter revenue, which fell short of the $148.5 billion analysts had anticipated.

This marks Amazon's worst trading day since April 28, 2022, when its shares dropped by 14% after reporting earnings that missed expectations by nearly $1 per share, according to FactSet.

Bezos' stake in Amazon, comprising 928 million shares, decreased in value from $170.8 billion at Thursday's close to approximately $154.9 billion. Despite this, Bezos remains the second-richest person globally, with a net worth of $186.2 billion, reflecting an 8% decline on Friday, based on our latest estimates. The top 10 wealthiest individuals worldwide each lost at least $1 billion, including Tesla's Elon Musk ($5.2 billion), LVMH CEO Bernard Arnault ($3.1 billion), and Meta CEO Mark Zuckerberg ($3.3 billion).

The sharp decline in stocks on Friday followed a Labor Department report indicating the U.S. economy added about 71,000 fewer jobs than expected last month, raising fears of a potential recession. During Amazon's earnings call, CFO Brian Olsavsky highlighted the company's heavy investment in its cloud business, projected to generate over $105 billion annually. Amazon has invested more than $30 billion to meet the growing demand for Amazon Web Services, including generative AI tools, with plans to increase these investments in the latter half of the year. Last month, Amazon reached a $2 trillion market capitalization for the first time amid a broader tech rally driven by AI, which has since reversed as concerns mount over the viability of recent Big Tech investments in AI.