“Amazon” .. the first public company to lose a trillion dollars in its market value

I became Amazon is the first public company in the world to lose a trillion dollars in market valuewhere a combination of high inflation, tight monetary policies and disappointing earnings led to a historic sell-off in the company’s shares since early 2022.

Amazon shares fell; The e-commerce giant rose 4.3% on Wednesday, pushing its market value to about $879 billion from a record close of $1.88 trillion in July 2021.

read more: Housekeeper sues Amazon founder Jeff Bezos

Amazon is also joined by Microsoft after losing $889 billion from its November 2021 peak.

Fears of a recession further dampened sentiment in the tech sector, as the top 5 US tech companies by revenue have seen nearly $4 trillion in market value evaporate this year.

The world’s largest online retailer has spent the year adjusting to a sharp slowdown in e-commerce growth, as shoppers resume pre-pandemic habits.

Amazon shares fell nearly 50% amid slowing sales, higher costs and hikes in interest rates.

Since the beginning of 2022, co-founder Jeff Bezos has seen his fortune dwindle by about $83 billion to $109 billion, according to data compiled by Bloomberg and seen by Al Arabiya.net.

read more: A lawsuit demands “Amazon” of one billion dollars .. for this reason!

Last month, Amazon forecast the slowest revenue growth in the company’s history, as shoppers reduce their spending in the face of economic uncertainty.

That sent its market value below $1 trillion for the first time since the pandemic fueled tech stocks more than two years ago.

read more: Amazon opens its new head office in Riyadh

Leave a Comment

Your email address will not be published. Required fields are marked *