On August 2, Amazon's shares plummeted by as much as 13%, leading to a significant drop in Jeff Bezos' net worth to approximately $185.3 billion.

This decline resulted in Bezos losing $15.2 billion in a single day, contributing to a staggering total loss of $134 billion among the world's 500 richest individuals.

Bezos' wealth decreased by over $21 billion following Amazon's announcement of continued heavy investments in artificial intelligence, despite potential short-term profit losses.

Amid these developments, Amazon's CEO Andy Jassy is implementing a cost-cutting campaign to reallocate resources toward AI investments, raising investor concerns about the impact on profits.

The company's recent second-quarter revenue fell short of analysts' expectations, with strong performance in cloud computing overshadowed by weakness in its main e-commerce segment.

This stock market decline was exacerbated by a Labor Department report indicating that the U.S. economy added about 71,000 fewer jobs than anticipated, raising recession fears.

Bezos has been actively selling Amazon shares throughout the year, with plans to sell an additional 25 million shares valued at $5 billion, bringing his total sales for the year to about $13.5 billion.

Despite these fluctuations, Bezos remains the second-richest person globally, with a net worth of $186.2 billion as of August 2, 2024.

Bezos, who attended Princeton University and majored in computer science, has seen his wealth fluctuate significantly over the years, including a loss of $57 billion from March 2022 to March 2023.

Known for founding Amazon in 1994, Bezos has transformed the company into one of the world's largest enterprises by revenue.

The broader tech sector has also been affected, with major companies like Nvidia and Tesla experiencing stock price drops of over 20% from recent highs.