Amazon has become the first publicly traded company to lose $1 trillion, or $1,000,000,000,000.
As a result of Amazon’s decline of 4.3% on Wednesday (9 November), the company’s market value has decreased to approximately $879 billion, further highlighting the dire situation that the tech stock market is currently in.
To give you some context, Amazon’s market value in July 2021 was around $1.88 trillion, so this is the first time a public company has lost $1 trillion, reports Bloomberg.
Brian Olsavsky, Amazon’s CFO, had previously told Reuters: There are indications everywhere that, once more, people’s budgets are tight, inflation is still high, and energy costs are an additional issue on top of other problems.
“We are preparing for what could be a slower growth period, like most companies.”
Additionally, Jeff Bezos is no longer the second-richest person in the world because of the significant decline in share price.
Bloomberg’s Billionaire Index reports that Bezos is now the fourth richest.
On October 27, 2017, he overtook Bill Gates as the richest person in the world. However, there are now a few people ahead of him, with Elon Musk currently in the lead.
But a little further away, Bezos still has a net worth of $109 billion.
Bezos could purchase 63.8 million troy ounces of gold and 1.18 billion barrels of crude oil, which is equivalent to 0.474 percent of the US GDP and 1.62 percent of the wealth of the world’s 500 richest people.
Leave a Comment