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    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

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    Billionaire businessman Aminu Alhassan Dantata dies at 94

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    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

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    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

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Amazon becomes world’s first public company to lose $1trillion in market value

Monday, 14 November 2022, 1:27 pm
in Business, Companies
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Amazon becomes world’s first public company to lose $1trillion in market value
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Amazon.com Inc. is the world’s first public company to lose a trillion dollars in market value as a 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, pushing its market value to about $879 billion from a record close at $1.88 trillion on July 2021.

Similarly, Microsoft Corp. has lost $889 billion from a November 2021 peak, according to Bloomberg.

The top five US technology companies by revenue have seen nearly $4 trillion in market value disappear this year.

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

Its shares have fallen almost 50% amid slowing sales, soaring costs and a hike in interest rates.

Amazon co-founder Jeff Bezos has seen his fortune shrink by about $83 billion this year to $109 billion  according to data compiled by Bloomberg.

Last month, Amazon projected the slowest revenue growth for a holiday quarter in the company’s history as shoppers reduce their spending in the face of economic uncertainty.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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