Amazon has become the world’s first public company to lose a trillion dollars in market value, as a powder keg of inflation, production and distribution bottlenecks, and a run of underwhelming earnings updates saw investors sell off the once-unstoppable stock.
Amazon’s market value fell to US$879 billion this week, officially dropping a trillion below its record high of US$1.88 trillion in July 2021.
Amazon founder Jeff Bezos saw his personal fortune fall by US$83 billion to US$109 billion this year alone.
It’s a massive fall from grace for the retailer, but Amazon can at least take solace in the fact it was a tight race between itself and Microsoft, who is currently US$889 billion below its November, 2021 peak.
With Zuckerberg axing 11,000 roles this week at Meta, Twitter culling half its workforce, and every major tech company implementing hiring freezes, there is plenty more pain coming for the tech sector.
