Amazon’s earnings brought disappointment to Wall Street, and, after missing both its estimated earnings per share and revenue benchmarks, its stock tanked.
After falling from just over $631 a share to under $578 in the past 24 hours, investors are feeling the effects of the free fall.
But perhaps nobody is feeling it more than Amazon CEO Jeff Bezos, who owns almost 84 million shares of Amazon Stock.
His loss is over $6 billion, and while that’s not enough to knock him off the list of richest people on earth, it’s far from pocket change.
The reason for the stock’s tank is a less-than-stellar holiday quarter, with expenses — mostly shipping — exceeding Amazon’s expectations.
However, it’s not all doom and gloom for the massive multinational online retailer. Amazon’s cloud-computing business, AWS, has been a massive success. And although the company doesn’t officially release its number of Amazon Prime subscribers, some have sussed out that membership has increased dramatically over the past year.
After a flare out with the Fire Phone and moderate success with the Fire tablet, Amazon finally has a hardware hit with its voice assistant, Echo. And while a majority of the products on Amazon are available elsewhere, products sold exclusively through Amazon are doing very well. On top of all that it’s still looking to expand its cast of services for Prime members beyond what’s already available.
Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions.