Amazon has become the first listed company in history to lose $1,000 billion in market value amid the tech stock crisis, according to Bloomberg.

The American giant lost as much as if it had lost the entire market value of Alphabet, the parent company of Google, which is now valued at about 1.13 trillion dollars.

Amazon’s market value fell below the 1,000 billion dollar mark

Shares of the world’s largest online retailer closed Wednesday down 4.3% at $86.14, taking its market capitalization to about $879 billion.

Shares have lost about 48% of their value this year alone and are a far cry from July 2021, when the company’s market value nearly reached $1.9 trillion, according to Bloomberg.

Amazon’s market value fell below the $1 trillion mark on Nov. 1, days after the company reported mixed third-quarter results and projected the company’s slowest fourth-quarter growth.

In addition to Amazon, five other US tech companies have already lost nearly $4 trillion in market value

It’s not just Amazon bleeding money, the top five US tech companies by revenue have already lost nearly $4 trillion in market value so far this year due to rising inflation and the macroeconomic landscape, according to Bloomberg.

“We see signs everywhere that once again people’s budgets are tight, inflation is still high and energy costs are adding pressure. We are preparing for what could be a period of slower growth, as are most companies,” Brian Olsavsky, Amazon’s chief financial officer, said in a phone call on October 27, according to Reuters.

The drop in Amazon’s stock price also affected the fortune of Amazon’s founder, Jeff Bezos. The world’s fourth-richest person is now worth $113 billion, after starting the year with $192.5 billion, according to the Bloomberg Billionaires Index.

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