Jeff Bezos loses as much as $14 billion in personal wealth

Andrew Harrer | Bloomberg | Getty Images

Jeff Bezos, founder and chief executive officer of Amazon.com Inc., listens during an Economic Club of Washington discussion in Washington, D.C., U.S., on Thursday, Sept. 13, 2018. 

Amazon CEO Jeff Bezos lost as much as $14 billion in personal wealth as Amazon’s stock plummeted 8 percent at the open on Friday. The plunge was a reaction to Amazon’s earnings report, which revealed disappointing revenue and guidance for the upcoming holiday season.

Bezos’ net worth was $138 billion on Wednesday, according to Bloomberg.

Despite beating earnings per share at $5.75 versus $3.14 estimated, according to Refinitiv, Amazon grew revenue at a slower than expected pace. Analysts estimated $57.10 billion in revenue for the quarter, according to Refinitiv, and Amazon reported $56.6 billion.

Amazon’s guidance for the next quarter indicates growth is likely to slow down over a key shopping season. Still, the company expects to see growth for its high-margin cloud and advertising businesses.