Amazon hit with $887 million fine by European privacy watchdog as it sees $148 billion in market value wiped out after missing sales forecast—Bezos still world’s richest person.
QUICK FACTS:
- The Luxembourg National Commission for Data Protection said Amazon’s processing of personal data did not comply with the EU General Data Protection Regulation, according to CNBC.
- As a result, the tech giant was issued a fine of 746 million euros ($887 million) by a European privacy watchdog.
- At the same time, Amazon fell as much as 8.1% in early trading, wiping $148 billion off the company’s market value, according to Business Insider.
- Jeff Bezos lost 80% of his wealth gains for the year.
BACKGROUND:
- Insider notes that Amazon shares dropped “as much as 8.1% on the Nasdaq exchange on Friday. That took Amazon’s market capitalization – the value of all its shares combined – to $1.67 trillion, $148 billion lower than at Thursday’s close.”
- CNBC reports the fine was disclosed by Amazon on Friday in a securities filing and was issued two weeks ago by Luxembourg’s privacy regulator. “The Luxembourg National Commission for Data Protection said Amazon’s processing of personal data did not comply with the EU’s General Data Protection Regulation.”
- The net worth of Jeff Bezos fell $13.5 billion after Thursday’s after-market results missed Wall Street’s expectations and foreshadowed an end to the retailer’s pandemic-fueled sales surge, erasing 80% of the billionaire’s wealth gains for the year, according to Bloomberg. He’s still the world’s richest person, according to the Bloomberg Billionaires Index.
