Shares of Amazon sank 4.3 percent on Wednesday local time, becoming the first listed company in the world to lose US$1 trillion (RM4.708 billion) in market value.
According to CNA, Amazon shares have fallen 49.45% year-to-date due to a string of rising inflation, tightening monetary policy and historic sell-offs triggered by earnings this year. The difference with the market price in July last year is US$1 trillion.
Microsoft Following The Step Of Amazon
Microsoft is following closely behind Amazon. With the current value of Microsoft, their market value may also fall by 1 trillion U.S. dollars. Microsoft's market value has slipped from last November to US$889 billion (about RM4 trillion 185.4 billion).
Amazon's revenue growth for last month's holiday season is expected to be the slowest on record as consumers spend less amid economic uncertainty.
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