While facing threats from President Donald Trump to cancel federal agencies from subscribing The Washington Post, Jeff Bezos is also dealing with an Amazon stock plunge, which costs him the world’s richest man title.
Bezos, founder and CEO of Amazon, saw his net worth fall by $5.9 billion to about $106.3 billion when the company’s shares opened at $1,698 a share on Friday morning, Oct. 25, after Amazon reported disappointing third-quarter results the evening prior, Fox Business reported.
That means Bezos is no longer the richest person in the world. Instead, Microsoft cofounder Bill Gates, who has a net worth of $107 billion, retains the title as the richest person, according to the Bloomberg Billionaire’s Index.
Bernard Arnault, chairman of the French luxury brand LVMH Moet Hennessey Louis Vuitton, is now the world’s third richest person with a net worth of $94.6 billion.
Amazon on Thursday evening reported a 26% drop in net income in its third quarter, its first profit decline since 2017. Its revenue rose 24 percent to $70 billion or $4.23 a share, but still below the expectation of $68.8 billion or $4.62 a share.
The lackluster third-quarter financial report drove Amazon shares down 7% in after-hours trading on Thursday.
Bezos’s net worth drop is not entirely due to the decline of Amazon shares. His assets also took a hit in July following the divorce settlement with his ex-wife Mackenzie Bezos, who received a 4 percent stake in Amazon, as part of the $38 billion settlement.
According to Forbes, Bezos became the richest man in 2018 and the first centibillionaire to ever appear on the The Forbes 400 that year with a net worth of $160 billion, ending Gates’s 24-year run as No. 1.
Bezos currently owns The Washington Post, which has received repeated criticism from President Donald Trump for reporting fake news.
White House press secretary Stephanie Grisham on Thursday, Oct. 24, said the White House is preparing to instruct federal agencies not to renew their subscriptions to the Post, and The New York Times as well, after President Trump had earlier said his administration does not want them anymore.