Four years ago, Amazon became the second company in history to reach a $ trillion market value. However, according to a Bloomberg report, Amazon now also holds the record as the first company in world history to lose $1 trillion in market value.
Amazon's current market value is $879 billion compared to $1.88 trillion in July 2021. The company's stock is down due to factors such as reduced demand for e-commerce post-pandemic, inflation, and high interest rates. This year alone the five largest US technology companies recorded a reduction in market value reaching $4 trillion.
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BUSINESS & MONEY