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Amazon becomes first company ever to lose $1 trillion in market value
By arseniotoledo // 2022-12-22
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Amazon just lost $1 trillion in market cap value, the largest loss in market value ever recorded by any publicly traded company. In July 2021, the company had a market value of a near-record breaking close of $1.88 trillion. But the tech giant's shares dropped 4.3 percent in value in November, lowering the company's market value to approximately $868.68 billion. (Related: Fewer Amazon shoppers are satisfied with the company's services.) Amazon benefited greatly during the height of the Wuhan coronavirus (COVID-19) shutdowns as more people turned to online retail and delivery. But the post-lockdown habits of consumers have had a severe adverse effect on the company's value. In the last two months alone, Amazon's shares have fallen in value by around 50 percent – and there are no signs that the company's downturn is changing as more people return to their pre-lockdown consumer behaviors. Amazon Chief Financial Officer Brian Olsavsky blamed the severe downturn on a variety of reasons. "The continuing impacts of broad-scale inflation, heightened fuel prices and rising energy costs have impacted our sales growth as consumers assess their purchasing power and organizations of all sizes evaluate their technology and advertising spend," said Olsavsky in an earnings call. Tightening monetary policy from the Federal Reserve and companies pulling back on information technology spending, causing Amazon's highly profitable cloud business to experience its first slowdown period, were also blamed. Furthermore, the poor earnings update from Amazon executives prompted an unprecedented selloff in Amazon stock, accelerating the speed at which the company lost market value. Amazon's shares are winding up to yield its worst yearly performance since 2000, when the dot-com bubble burst and the then-comparatively small company's stock value fell by 80 percent.

Other Big Tech companies also losing big

Six of the largest Big Tech companies in the United States – namely, Amazon, Apple, Google's Alphabet, Microsoft, Facebook's Meta and Elon Musk's Tesla – have reportedly recorded a combined market cap loss of more than $5 trillion this year. In the past month, these companies reported a combined market cap loss of more than $1.5 trillion. In the past three weeks, the stock values of these companies plunged by 22 percent, falling from a combined value of over $6.9 trillion to $5.36 trillion. Since the start of the year, Amazon has lost $1 trillion. Apple has lost $880 billion. Google's Alphabet has lost $846 billion. Facebook's Meta and Musk's Tesla have both declined by more than $760 billion. Lastly, Microsoft declined by $784 billion "even though it was down close to a trillion at its lows in November," wrote the company, claiming it was able to recover a significant chunk of its market value in the past few weeks. As of Dec. 20, the United States' stock markets have lost $11.7 trillion in market cap from their high on Jan. 3. "The max drawdown was $13.6 trillion at the low on [Sept. 30], so we've seen a market cap increase by just under $2 trillion since then," explained wealth management consulting and market research firm Bespoke. "In dollar terms, this drawdown has been more extreme than anything investors have ever experienced." Find more stories about Big Tech companies like Amazon at TechGiants.news. Watch this clip from a whistleblower discussing how Big Tech companies like Amazon manipulate the public to make money. This video is from the channel You Silenced Me on Brighteon.com.

More related stories:

Amazon to fire 20,000 employees – the largest staff reduction in company's history. Jeff Bezos to dump most of his $124 billion net worth into fighting "climate change" (which means left-wing causes). Amazon suspends construction of new warehouses in Spain as consumer demand continues to plummet. Woman sues Amazon over $10K startup stipend that excludes Whites, Asians. IMPLOSION: Amazon scraps plans to build 42 new warehouses, shuts down 2 active facilities. Sources include: Watcher.guru GazetteNGR.com News.Yahoo.com TheStreet.com Brighteon.com
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