The Tech Meltdown's Other Victims
Jeff P. Bezos, the founder and chief executive of Amazon.com Inc., is more than the top retailer on the Net. He's also the leading evangelist for the movement. Besides building his company into a retail giant, he has invested heavily in similar companies. But now Amazon's portfolio of e-tail investments looks like a who's who of dot-bombs. The stocks of Drugstore.com Inc. and Ashford.com Inc., both major Amazon investments, have dropped about 90% from their peaks. Pets.com Inc., which went public in February at $11 per share, is trading at less than $3. Amazon is still in the black with its holdings, since it often took early positions at low prices. But the decline in the value of its stakes is staggering: Amazon's holdings have dropped by at least $1.4 billion in recent months.
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