Amazon.com Inc. is the first public company in the world to lose a trillion dollars in market value

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This historic selloff of the stock happened because of rising inflation, tighter monetary policies, and disappointing earnings reports.

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Wednesday, shares of Amazon plummeted 4.3%, lowering its market value to $879 billion from $1.88 trillion in July 2021.

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After losing $889 billion from a November 2021 peak, Microsoft Corp. trailed Amazon in the race to reach the unwanted milestone.

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This year, the five largest US technology businesses lost roughly $4 trillion in market value due to the recession fears.

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In 2022 Amazon adjusted to a significant slowdown in e-commerce growth as buyers resumed pre-pandemic behaviors.

Its shares have decreased by about 50% as a result of sluggish sales, rising costs, and an increase in interest rates.

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Jeff Bezos, the company's co-founder, has seen a decline in wealth of around $83 billion to $109 billion since the year began. 

Data source bloomberg

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Amazon predicted its worst Christmas quarter revenue increase last month as buyers cut back due to economic uncertainty.

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That dropped its market worth below $1 trillion for the first time since the pandemic-boosted tech stock rally two years ago.