Amazon Becomes World’s First Public Company to Lose $1 Trillion in Market Value
- Amazon market cap shrinks to $879 billion from $1.88 trillion
- Microsoft is close behind with $889 billion in value lost
Amazon packages at a logistics center in Haiger, Germany.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Amazon.com Inc. is the world’s first public company to lose a trillion dollars in market value as a combination of rising inflation, tightening monetary policies and disappointing earnings updates triggered a historic selloff in the stock this year.
Shares in the e-commerce and cloud company fell 4.3% on Wednesday, pushing its market value to about $879 billion from a record close at $1.88 trillion on July 2021. Amazon and Microsoft Corp. were neck-and-neck in the race to breach the unwelcome milestone, with the Windows software maker close behind after having lost $889 billion from a November 2021 peak.