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Amazon becomes first company ever to lose $1 trillion
Published 17:58 10 Nov 2022 GMT
Updated 18:03 10 Nov 2022 GMT
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Bezos is no longer the world's second richest person
Amazon has reportedly become the first ever public traded company to lose $1 trillion in market valuation.
The tech stock market is in dire straits at the moment, and things could be about to get a lot worse as Amazon fell 4.3 percent on Wednesday (9 November). This meant its market value has dropped to around $879 billion.
In comparison, Amazon's market value was around $1.88 trillion on July 2021, which means that the staggering $1 trillion loss is the first for a public company, according to Bloomberg.
The mind blowing figures are the results of a worsening economy, repeatedly dour earnings reports, and massive stock selloffs.
"We are preparing for what could be a slower growth period, like most companies."
[caption id="attachment_366762" align="alignnone" width="2048"]
Not great news for Jeff... (Getty)[/caption]
The plummet in share price has also resulted in a hit to founder Jeff Bezos' personal pride, as he is now no longer the second-richest person in the world.
Not great news for Jeff... (Getty)[/caption]
The plummet in share price has also resulted in a hit to founder Jeff Bezos' personal pride, as he is now no longer the second-richest person in the world.
Bloomberg's Billionaire Index reports that Bezos is now the fourth richest.
In October 2017, the Amazon founder had overtaken Bill Gates as the richest person on the planet, but Elon Musk has since stormed to the front.
You can put the tiny violins away though. Bezos' still has a net worth of $109 billion.
Meanwhile, Microsoft experienced market value losses of around $900 billion. This year, the top five most valuable U.S. tech companies have reportedly lost a combined $4 trillion in value.
To put that in perspective, that’s more than the combined GDPs of Turkey, Argentina, and Switzerland.
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