Amid a crash in tech stocks, Amazon became the first publicly traded company to report a $1 trillion market value loss. That is comparable to losing the $1.13 trillion market value of Alphabet, Google’s parent company. Amazon, the largest online store in the world, reported a 4.3% decline in share price at $86.14 on November 9, 2022, which brought its market value to around $879 billion.
Amazon’s stock is a far cry from that in July 2021 when the company's market valuation almost reached $1.9 trillion – it lost over 48% of its value only in 2022. On November 1, 2022, shortly after the company reported mixed third-quarter earnings and forecast its slowest fourth-quarter growth ever, Amazon's market capitalization fell below the $1 trillion threshold. As reported by the company, the total revenue and net profit increased significantly in the third quarter that ended September 2022 over that in the previous quarters in 2022 and 2021.
It is not just Amazon that has lost money. The top five IT companies in the US by revenue already lost $4 trillion in market value in 2022 because of the growing inflation and macroeconomic challenges. The decline in the value of Amazon's stock also affected the wealth of Jeff Bezos, who founded the company. Jeff Bezos, the fourth-richest person in the world, has a net worth of $113 billion after beginning the year with $192.5 billion.
United States of America
Germany
Japan
France
United States of America
India
Finland
Italy
Taiwan
Canada
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer