Shulou(Shulou.com)11/24 Report--

Beijing, Nov. 10 (Xinhua)-- e-commerce giant Amazon became the first listed company in the world to lose $1 trillion (7.2 trillion yuan) in market value on Wednesday, as rising inflation, tighter monetary policy and disappointing earnings reports triggered a historic sell-off in the company's shares this year.

Amazon shares fell 4.3% by Wednesday's close, causing its market capitalization to fall to about $879 billion from a record close of $1.88 trillion in July 2021, wiping out $1 trillion from its market capitalization. Amazon and Microsoft have been "scrambling" to break this unpopular milestone, with Microsoft lagging "slightly behind" and losing $889 billion in market capitalization from its peak in November 2021.

Amazon's market capitalization shrank by $1 trillion, although technology and growth stocks have been hit throughout the year, but fears of a recession have further dampened investment sentiment in the sector. In terms of revenue, the market capitalization of the top five US technology companies has lost nearly $4 trillion (29 trillion yuan) this year.

Amazon has been adjusting to a sharp slowdown in e-commerce growth this year as shoppers return to pre-epidemic habits. Amazon shares fell nearly 50% as sales slowed, costs soared and interest rates soared. Amazon co-founder Jeff Bezos has lost $83 billion in wealth since the start of the year, leaving $109 billion, according to the data.

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