The billionaire wealth race took a dramatic turn this week as Jeff Bezos' fortune climbed to $265 billion, thanks to Amazon.com, Inc.'s (NASDAQ:AMZN) stellar third-quarter results, while Mark Zuckerberg's net worth tumbled by $35 billion following Meta Platforms, Inc.'s (NASDAQ:META) steep stock sell-off.
Bezos Rides Amazon Rally To Record Wealth
Bezos, founder and former CEO of Amazon, saw his net worth jump by $18.6 billion on Friday, according to the Bloomberg Billionaire Index, as Amazon shares surged 9.61%.
The rally followed the company's better-than-expected third-quarter earnings, signaling robust consumer demand and continued dominance in e-commerce and cloud computing.
Amazon reported net sales of $180.2 billion, up 13% year-over-year, beating Wall Street's consensus estimate of $177.8 billion, according to Benzinga Pro. The company also posted earnings per share of $1.95, topping expectations of $1.57.
The e-commerce giant projected fourth-quarter sales between $206 billion and $213 billion, reflecting anticipated growth of 10% to 13%, with operating income expected to reach up to $26 billion.
Bezos, who owns about 8.6% of Amazon, is currently the third richest person on the Index.
Zuckerberg Faces $35 Billion Setback Amid Meta Earnings
Meanwhile, Meta CEO Zuckerberg faced a sharp decline in his fortune after Meta shares plunged 13.52% in the last two days, wiping out roughly $35 billion of his wealth.
The social media giant reported diluted earnings per share of $1.05, which included a one-time, non-cash income tax charge of $15.93 billion, skewing its headline results.
On an adjusted basis, EPS came in at $7.25, beating analyst expectations, while revenue rose 26.25% year-over-year to $51.24 billion.
Despite strong topline growth, investors reacted negatively to the tax charge and potential cost pressures ahead, leading to the steep drop.
Zuckerberg, who owns about 13% of Meta, now holds an estimated $229 billion fortune, making him the fifth richest person on Earth, according to the Index.
According to Benzinga's Edge Stock Rankings, Meta ranks in the 92nd percentile for stock quality — click here to see how it stacks up against top industry peers.
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