Amazon loses 1,000 billion dollars on the stock market, a first in history!

Amazon hit an unfortunate record earlier this week, when its stock market value hit $879 billion, down from a peak of $1.880 billion reached in July 2021.

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Nearly a year ago, Amazon’s stock market value hit nearly $2 trillion, buoyed by the COVID-19 pandemic that prompted people to order online. However, for a few weeks now, the value of the company has totally plummeted, sinceAmazon was down to just $879 billion on the market Wednesday.

By falling back below the 1000 billion dollar mark, which it had previously reached at the end of 2018, the American giant is now very far behind Apple, which has been lucky to see its stock market value remain relatively stable in recent months. The Cupertino company is also worth more than all the other GAFAMs combined at the moment.

Amazon falls sharply on the stock market

This vertiginous fall in the stock market allowed Amazon to become the author of a sad record. Por the first time in economic history, a publicly traded company has lost more than a trillion dollars in value. What’s worse is that it only took a few months for Amazon to lose so much value.

While technology and growth stocks have been punished throughout the year, fears of a recession further dampened sentiment in the sector. However, Amazon’s decline is also partly explained by changing consumer habits, with the global economy leaving the pandemic behind. Overall, the top five U.S. tech companies by revenue have seen nearly $4 trillion in market value evaporate this year.

Microsoft’s value peaked around $2.5 trillion and sits at $1.78 trillion currently. The finding is much worse for Meta, formerly known as Facebook, which hit a valuation of just over $1 trillion in August 2021 and now stands at around $285 billion. Mark Zuckerberg’s company has never been so financially low since 2016. In question, the company’s massive investments in the metaverse, without thatno profitability is to be expected for several years.

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