Other tech companies are not far behind.
Jeff Bezos founded Amazon.com Inc., has achieved the unenviable milestone of being the first public company to lose a trillion dollars in market valuation,Incidentally, Amazon was among the first few companies to cross the $1 trillion valuation in the first place, and the recent dip is a sign of the nervousness in the markets about the slowdown in the global economy, led by the U.S.
The COVID-19 pandemic sent a lot of users toward e-commerce, and online retailers like Amazon saw a massive boom in traffic and revenues. As the pandemic receded, the surge slowed down, and revenues dipped. With the U.S. Federal Reserve looking to tame soaring inflation, interest rates have been hiked, and sales have slowed down even more. Amazon's third-quarter earnings disappointed investors last month, but what has dented investor confidence further is the company's prediction of less than eight percent year-on-year growth for the last quarter of 2022.
While this might not sound bad for other companies, Amazon has been a relentless growth machine, and a sub-eight percent growth is problematic for investors,Amazon stock has dipped 50 percent in the past six months, and the company's valuation, which was $1.8 trillion in June 2021, is now reduced to $879 billion as of Wednesday.While Amazon might be remembered as the first publicly traded U.S.
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