As the rising inflation, tightening monetary policies and disappointing earnings updates triggered a historic selloff in Amazon's stock this year, Amazon Inc. becomes the world’s first public company to lose a trillion dollars in market value.
Shares in the e-commerce and cloud company fell 4.3%, pushing its market value to about $879 billion from a record close at $1.88 trillion on July 2021. Amazon and Microsoft Corp. were neck-and-neck in the race to breach the unwelcome milestone, with the Windows software maker close behind after having lost $889 billion from a November 2021 peak.
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.