For the first time in history, Amazon loses $1 trillion of its valuation

Last week, Amazon made history with a loss of more than $1 trillion in value for the first time. The world’s largest online retailer became the first company in the world to do so in world history, that is lose this amount of money. According to Bloomberg, Amazon's market value depreciated to $879 billion last Wednesday from its peak of $1.88 trillion in July 2021.

Inflation and disappointing earnings led to a historic sell-off in Amazon stock this year, leading to a historic decline in share price that did not last long. However, by Friday’s market close, Amazon's market value had already rebounded and topped $1.02 trillion. Despite that, the mark it set on Wednesday will remain forever. The new weekend valuation does not absolve the fact that over 2022, Amazon has lost around 48% of its value.

According to the Bloomberg Billionaires Index, Jeff Bezos, the fourth richest person with a net worth of $109 billion, has lost $83 billion so far this year.

The top five US tech businesses are in financial trouble following this trend. They have already together lost almost USD 4 trillion in market value. Macroeconomic factors and rising inflation are reportedly to blame.