Amazon has become the first publicly traded company in history to lose $1 trillion in market valuation amid a volatile economy that has sparked a broad tech selloff.
The Jeff Bezos-founded company, valued close to $1.88 trillion on July 2021, saw its shares fall 4.3 percent on Wednesday, pushing its market value down to $878 billion. Amazon stock has lost nearly 50 percent of its value this year alone.
The loss comes shortly after Amazon’s market value fell below $1 trillion on Nov. 1 after the company posted disappointing results in its third-quarter earnings and predicted less than spectacular sales for the upcoming important holiday shopping season.
Amazon reported revenue of $127.1 billion in the third quarter, narrowly missing out on analysts’ forecasts of $127.5 billion, while net income fell to $2.9 billion, or $0.28 per share, down about 9 percent from the third quarter a year prior….