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 of the company’s stock since early 2022.
Amazon shares fell; The e-commerce giant rose 4.3% on Wednesday, pushing its market value to around $ 879 billion from a record close of $ 1.88 trillion in July 2021.
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Amazon is also joined by Microsoft after losing $ 889 billion since its peak in November 2021.
Fears of a recession further dampened sentiment in the tech sector, as the top 5 US tech companies by revenue saw nearly $ 4 trillion in market value evaporate this year.
The world’s largest online retailer spent the year adjusting to a sharp slowdown in e-commerce growth as shoppers resume pre-pandemic habits.
Shares of Amazon fell nearly 50% due to slowing sales, rising costs and rising interest rates.
Since early 2022, co-founder Jeff Bezos has seen his fortune drop by about $ 83 billion to $ 109 billion, according to data compiled by Bloomberg and viewed by Al Arabiya.net.
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Last month, Amazon predicted the slowest revenue growth in the company’s history as shoppers cut their spending in the face of economic uncertainty.
This brought its market value below $ 1 trillion for the first time since the pandemic fueled tech stocks more than two years ago.
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