Online shopping platform [Amazon] shrinks by more than $1 trillion

Online shopping platform [Amazon] shrinks by more than $1 trillion
Amazon became the world's first publicly traded company to lose $1 trillion in market value this year as rising inflation, tighter monetary policy and disappointing financial results triggered a historic sell-off.
Shares of the e-commerce and cloud computing giant fell 4.3 percent Wednesday (local time) to about $879 billion from a peak of $1.88 trillion in July 2021.At the same time, Microsoft's market capitalization has fallen sharply, evaporating $88.9 billion from its peak of $2.5 trillion in November 2021.

While tech and growth stocks have been hit this year, fears of a recession have further dampened the sector's recovery.In terms of revenue, the top five U.S. technology companies have lost nearly $4 trillion in market value this year.

Amazon, the world's largest online retailer, has been trying to cope with a sharp slowdown in e-commerce growth this year as shoppers return to pre-epidemic spending habits.The company's stock has fallen nearly 50% on account of slowing sales, soaring costs and soaring interest rates.

Amazon co-founder Jeff Bezos has lost $83 billion in wealth since the beginning of the year, according to data compiled by the media, and now has a net worth of about $109 billion.

Amazon's third-quarter earnings last month predicted revenue growth for the holiday season would reach its lowest level ever as consumers cut back on spending amid economic uncertainty.It is the first time Amazon's market value has fallen below $1 trillion since the outbreak-driven tech stocks rose more than two years ago.