It’s been a bad few weeks for tech companies as companies like Twitter and Meta announced massive layoffs. Now, Amazon has just lost $1 trillion in market value.
For perspective, that’s almost like missing out on the value of Google’s parent company Alphabet, which is now around $1.13 trillion.
The loss makes Amazon the first public company to lose $1 trillion.
Amazon shares have lost about 48 percent of their value this year alone, compared to July when the company’s market cap reached almost $1.9 trillion.
In November, Amazon’s market value fell below $1 trillion, days after the company predicted a slowdown in holiday sales growth.