Pity billionaire Jeff Bezos. The Amazon CEO’s net worth took a $5.2 billion hit on Wednesday as the company’s shares sank after a report that President Donald Trump is considering ways to change the tax treatment of the e-commerce giant.
The slide pushed the company’s shares into correction territory, which occurs after a drop of 10% from a recent high. The stock was down 4.4%, or $65.63, at the close. Assuming that Bezos’ holdings are the same as when Amazon last filed with the Securities Exchange Commission, that plunge means he lost about $5.2 billion in net worth – in just one day.
According to an Axios report citing an unidentified source, Trump is “obsessed with Amazon” and thinking about a change in its tax treatment out of concern over “mom-and-pop retailers.” The company’s CEO is also owner of The Washington Post. –READ MORE
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