Amazon.com Inc. became the first in the world to lose $1 trillion in market value because rising inflation, tightening monetary policy, and disappointing earnings results caused stocks to experience a historic plunge this year.
Shares of the e-commerce and cloud company fell 4.3% on Wednesday, taking its market value to about $879 billion from a record close of $1.88 trillion in July 2021. Amazon and Microsoft Corp hit unwelcome milestones after losing $889 billion since peaking in November 2021, with the Windows software maker trailing closely behind.
Tech and growth stocks have been hurt throughout the year, but recession fears have further dampened sector sentiment. The top five U.S. technology companies by revenue have lost nearly $4 trillion in market value this year.
The world’s largest online retailer has spent this year responding to a sharp slowdown in e-commerce growth as shoppers resumed their pre-pandemic habits. In the meantime, the company’s stock has fallen nearly 50%. According to Bloomberg data, co-founder Jeff Bezos’ fortune has fallen by about $83 billion since the beginning of the year to $109 billion.
Last month, Amazon forecasted the slowest holiday season sales growth in the company’s history as shoppers cut back on spending amid an uncertain economy. , this is the first time the market has fallen below $1 trilion.
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