- Amazon has become the first public company ever to lose $1 trillion in market value, per Bloomberg.
- Its share price closed 4.3% lower at $86.14 on Wednesday, taking its market value down to $879 billion.
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.
It's not just Amazon that's bleeding money, the top five US tech companies by revenue have already lost nearly $4 trillion in market value so far this year, thanks to rising inflation and macroeconomic headwinds, per Bloomberg.
"We are seeing signs all around that, again, people's budgets are tight, inflation is still high, energy costs are an additional layer on top of that caused by other issues," Amazon CFO Brian Olsavsky told the reporters in a call on October 27, per Reuters. "We are preparing for what could be a slower growth period, like most companies."
The dip in Amazon's share price has also hit Amazon founder Jeff Bezos' net worth. The world's fourth richest person is now worth $113 billion after starting the year at $192.5 billion, according to the Bloomberg Billionaires Index.