Amazon becomes world’s first Public Company to lose $1 trillion in Market Value.

Amazon.com Inc. is the world’s first public company to lose a trillion dollars in market value as a combination of rising inflation, tightening monetary policies and disappointing earnings updates triggered a historic selloff in the stock this year. 

Shares in the e-commerce and cloud company fell 4.3% on Wednesday 09th, pushing its market value to about $879 billion from a record close at $1.88 trillion on July 2021. Amazon and Microsoft Corp. were neck-and-neck in the race to breach the unwelcome milestone, with the Windows software maker close behind after having lost $889 billion from a November 2021 peak. 

While technology and growth stocks have been punished throughout the year, fears of a recession have further dampened sentiment in the sector. The top five US technology companies by revenue have seen nearly $4 trillion in market value evaporate this year. 

The e-commerce giant has shed $1 trillion in market value.

Source: www.bloomberg.com


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