Amazon Is First Company to Lose $1T in Market Value

Share price has fallen almost 50% this year
By Rob Quinn,  Newser Staff
Posted Nov 10, 2022 6:44 AM CST
Amazon Is First Company to Lose $1T in Market Value
Amazon packages move along a conveyor at an Amazon warehouse facility in Goodyear, Ariz.   (AP Photo/Ross D. Franklin, File)

Just over four years ago, Amazon became the second US company to reach a $1 trillion valuation, weeks after Apple hit the same milestone. The e-commerce giant has now reached a more unwelcome milestone, becoming the first company in the world to lose $1 trillion in value, Bloomberg reports. Amazon's share price more than doubled during the pandemic and its valuation peaked at $1.88 trillion in July 2021, but it has fallen by around 50% this year and it is now back to where it was in late 2019. A 4.3% drop on Wednesday brought the company's market valuation to $879 billion. According to Bloomberg's data, founder and former CEO Jeff Bezos' wealth has fallen to $109 billion, down around $83 billion since the start of the year.

Tech stocks have fallen hard this year amid rising inflation, higher interest rates, and fears of a recession. Gizmodo reports that the five most valuable US tech stocks have dropped by a total of more than $4 trillion since the start of the year. Microsoft, down $889 billion from its November 2021 peak, may be the second to see its value drop by more than $1 trillion, per Bloomberg. Amazon has also been hit by a decline in e-shopping as more consumers return to retail stores. The company's share price dropped sharply last month after its third-quarter revenue and fourth-quarter projections were weaker than expected. (Read more Amazon stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.