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Amazon loses $134 billion in market value as its share price slumped 8.8%, Jeff Bezos loses $15.2 billion of net worth

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Amazon loses $134 billion in market value as its share price slumped 8.8%, Jeff Bezos loses $15.2 billion of net worth

Amazon shares experienced an 8.8% decline, costing the company $134 billion in market value. This drop also resulted in the reduction of $15.2 billion from founder Jeff Bezos' net worth. This is the third-largest loss for Bezos, following significant losses in 2019 and 2022. Additionally, tech billionaires such as Larry Ellison and Elon Musk lost $4.4 billion and $6.6 billion, respectively, due to the broader market slump. Overall, tech billionaires collectively lost $68 billion in net worth. The market downturn is attributed to disappointing earnings reports, concerns about AI investments, and waiting for the Federal Reserve's rate cut announcement.

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