Amazon founder Jeff Bezos loses $17 billion after Amazon’s earnings; what may have triggered the fall

Amazon founder Jeff Bezos lost $17 billion last week. According to the Bloomberg Billionaire Index, the tech billionaire’s wealth dropped from $254 billion on July 31 to $237 billion on August 1. The decline comes following the company’s second quarterly results last week. According to a Benzinga report, investors were unimpressed with the company’s second-quarter earnings as the company’s stock tumbled by 8.27% on August 1. Amazon reported $167.7 billion in revenue for the second quarter, a 13% increase compared to the same period last year. This figure exceeded market expectations, which had forecast revenue of $161.9 billion. The company also posted earnings of $1.68 per share, beating analyst estimates of $1.30 per share.