Amazon’s market value falls by $1 trillion as tech stocks fall

Having previously joined the prestigious $1 trillion valuation club, leading American company Amazon has become the first public organization to lose a staggering $1 trillion in market value.

A combination of rising inflation, tighter monetary policy and disappointing earnings updates triggered a historic fall in Amazon’s share price this year.

It began when shares fell 4.3 per cent on Wednesday, bringing its market value down to around $879 billion from a peak of $1.88 trillion in July 2021. It also disappointed investors last month when third-quarter earnings fell short of expectations. Worse, the company expects fourth-quarter growth to be just 2-8 per cent year-on-year.

This year, the shares fell by about 48 per cent of their total value, a far cry from what was seen in July 2021. According to Bloomberg, the company’s market capitalization reached about $1.9 trillion at that time.

Microsoft also lost $889 billion from its peak in November 2021, in a contest between tech titans to see who loses the most.

The sources for this piece include an article in Gizmodo.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web