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

13.11.2022 08:48 AM
Amazon becomes world’s first public company to lose $1 trillion in market value
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Amazon becomes world’s first public company to lose $1 trillion in market value

E-commerce giant Amazon has become the first company in the world to lose $1 trillion in market value, amid concerns about its future.

And “Bloomberg” agency reported that the decline in the company’s market value came due to a combination of reasons, including high inflation, tightening monetary policies, and disappointing profits, which led to the historic sale of the company’s shares this year.

At the end of Wednesday's session, Amazon's stock fell 4.3% to $86.14, bringing the company's market value down to $878.5 billion, compared to a record $1.88 trillion value in July 2021.

The agency noted that fears of an economic recession affected the performance of technology stocks throughout the year, and the top 5 American technology companies by revenue saw nearly $4 trillion evaporate from market value this year.

And now in the world there are only four companies with a market value of more than a trillion dollars: Apple, Saudi Aramco, Microsoft and Alphabet.

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