Online retailer Amazon's net profits during the third quarter of 2019 fell by 26% to $2.13B from $2.88B last year, the company reported through a statement.
These negative results have put a lot of pressure on Amazon's shares, which have lost around 6% of their value. Jeff Bezos, the company's CEO, owns about 57.6 million shares. Therefore, he has lost about $6.9B as a result of this 6% fall.
If the online retailer's shares keep falling, Bezos might lose his position as the richest man in the world in favor of Bill Gates. According to Bloomberg's billionaire index, Bezos has a net worth of $111B, while Gates owns about $107B.
The breach between their fortunes narrowed during the summer, when Amazon's CEO divorced his wife Mackenzie Bezos and as part of the divorce deal gave her 19.7 million Amazon shares.
Jeff Bezos became the richest man in the world in July 2017 after overtaking Microsoft's founder, who had held the position since 2013.
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