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