Tuesday, December 6, 2022

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Amazon emerges world’s first listed company to lose $1 trn in market cap

New Delhi: Amazon.com Inc. is the first publicly traded firm in the history of the world to have seen its market value fall by a trillion dollars as a result of a confluence of factors this year, including tightening monetary policies, rising inflation, and disappointing earnings reports.

The e-commerce and cloud company’s shares dropped 4.3% on Wednesday, reducing its market worth from a record close of $1.88 trillion in July 2021 to roughly $879 billion. Amazon and Microsoft Corp. were competing head-to-head to surpass the undesirable milestone, with Microsoft Corp. coming in second place after losing $889 billion since its November 2021 peak.

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Fears of a recession have further dimmed mood in the sector, which has already been hit hard by the year-long punishment of technology and growth companies. This year, the market value of the top five US technology corporations by revenue has decreased by around $4 trillion.

As consumers returned to their pre-pandemic purchasing patterns, the largest online retailer in the world has spent this year adjusting to a dramatic slowdown in e-commerce growth. Due to declining sales, rising costs, and an increase in borrowing rates, its shares have dropped by approximately 50%. According to information gathered by Bloomberg, co-founder Jeff Bezos’ wealth has decreased by around $83 billion to $109 billion since the year began.

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As consumers cut back on their purchasing in the face of economic uncertainty, Amazon predicted the slowest sales increase for a Christmas quarter in the company’s history last month. This resulted in its market worth falling below $1 trillion for the first time since the tech stock rally that was sparked by the epidemic more than two years ago.

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