Nov 10, 2022, 14:00 pm
Published: November 10, 2022
Amazon has become the first public company ever to lose $1 trillion in market value amid the tech stock rout, according to Bloomberg. That's almost like losing Google parent Alphabet's worth of market value, which is now around $1.13 trillion.
The world's largest online retailer's share price closed 4.3% lower at $86.14 on Wednesday, taking its market capitalization to about $879 billion.
The stock has lost around 48% of its value this year alone, and is a far cry from July 2021 when the company's market cap almost touched $1.9 trillion, per Bloomberg.
Amazon's market value fell below the $1 trillion mark on November 1, days after the company posted mixed third-quarter earnings and projected the company's slowest fourth-quarter growth ever.
The figures, first noted by Bloomberg, are the results of a worsening economy, repeatedly dour earnings reports, and massive stock selloffs. Amazon, valued at $1.882 trillion on June 21, on Thursday reported a comparatively measly $878 billion valuation.
Microsoft, which briefly surpassed Apple as the world’s most valuable company last year, wasn’t far behind, with market valuation losses hovering around $900 billion.
Those declines aren’t just limited to Amazon and Microsoft. The top five most valuable U.S. tech companies reportedly lost a combined $4 trillion in value this year due to rising inflation and macroeconomic headwinds. To put that in perspective, that’s more than the combined GDPs of Turkey, Argentina, and Switzerland.
https://markets.businessinsider.com/news...ny-2022-11
https://gizmodo.com/amazon-market-cap-am...1849764529
Amazon has become the first public company ever to lose $1 trillion in market value amid the tech stock rout, according to Bloomberg. That's almost like losing Google parent Alphabet's worth of market value, which is now around $1.13 trillion.
The world's largest online retailer's share price closed 4.3% lower at $86.14 on Wednesday, taking its market capitalization to about $879 billion.
The stock has lost around 48% of its value this year alone, and is a far cry from July 2021 when the company's market cap almost touched $1.9 trillion, per Bloomberg.
Amazon's market value fell below the $1 trillion mark on November 1, days after the company posted mixed third-quarter earnings and projected the company's slowest fourth-quarter growth ever.
The figures, first noted by Bloomberg, are the results of a worsening economy, repeatedly dour earnings reports, and massive stock selloffs. Amazon, valued at $1.882 trillion on June 21, on Thursday reported a comparatively measly $878 billion valuation.
Microsoft, which briefly surpassed Apple as the world’s most valuable company last year, wasn’t far behind, with market valuation losses hovering around $900 billion.
Those declines aren’t just limited to Amazon and Microsoft. The top five most valuable U.S. tech companies reportedly lost a combined $4 trillion in value this year due to rising inflation and macroeconomic headwinds. To put that in perspective, that’s more than the combined GDPs of Turkey, Argentina, and Switzerland.
https://markets.businessinsider.com/news...ny-2022-11
https://gizmodo.com/amazon-market-cap-am...1849764529