Amazon Becomes World's First Public Company to Lose $1 Trillion in Market Value

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] On the 9th (local time), Amazon, the world's largest e-commerce company, became the first publicly traded company worldwide to lose a market capitalization of $1 trillion (approximately 1,400 trillion KRW).

Since dropping out of the "trillion-dollar market cap club" on the 1st, Amazon's stock price has continued to decline further.

According to Bloomberg News, Amazon's stock closed at $86.14 on the Nasdaq in New York, down 4.27% from the previous day. Accordingly, Amazon's market capitalization was recorded at $879 billion. This is $1 trillion less than its peak market cap of $1.88 trillion in July last year.

Bloomberg explained, "The combination of rising inflation, tightening monetary policy, and disappointing earnings has triggered historic levels of stock sell-offs this year, making Amazon the first publicly traded company to lose a market capitalization in the trillion-dollar range."

Currently, Amazon's market capitalization is $1 trillion less than in July last year and $889 billion less than in November last year. Amazon's stock price has fallen nearly 50% just this year. As a result, Bloomberg reported that Jeff Bezos, Amazon's founder, has seen his wealth decrease by approximately $83 billion to $109 billion since the beginning of this year.

The news of Amazon's $1 trillion market cap loss comes amid a continued plunge in U.S. tech stocks. The combined market capitalization of five major U.S. tech companies has decreased by nearly $4 trillion just this year.

This content was produced with the assistance of AI translation services.