"First in history"... Amazon loses trillion dollars from its value

10 November, 2022
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"First in history"... Amazon loses trillion dollars from its value

The e-commerce giant "Amazon" made history, as the first company listed on the stock exchange, around the world, losing a trillion dollars in its market value, due to concerns about the future of its business and in conjunction with accelerating inflation and raising interest rates.

At the end of the session, Amazon's stock fell 4.3 percent to $86.14, bringing the company's market value to $878.5 billion, compared to a record level of $1.88 trillion in July 2021.

The American e-commerce company's stock witnessed a strong selling wave over the past months, losing about 50 percent of its value since the beginning of this year. 

Co-founder Jeff Bezos also incurred a loss in his net worth of about $83 billion to reach $109 billion.

And "Amazon" had achieved net sales below expectations of $ 127 billion in the third quarter 2022, expecting to record the lowest pace of revenue growth in the company's history during the holiday season, with economic uncertainty.

Earlier, Amazon decided to temporarily stop hiring operations in some of its sectors

The technology sector in general on Wall Street is suffering heavy losses this year, as the five largest technology companies in terms of revenue have lost about $4 trillion of their market value, with fears of a stagnation of the economy and raising interest rates, according to Bloomberg data.


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