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

Beijing, Dec. 20 (Xinhua) the share price of e-commerce giant Amazon has given up all the gains caused by the COVID-19 pandemic, falling back to where it was when the epidemic began to shut down the US economy.

Amazon shares fell 3.4% to $84.92 as of Monday's close, the lowest closing price since March 16, 2020. Amazon shares have fallen 49% in 2022, which could be the worst year since the dotcom bubble burst in 2000. Amazon's share price plunged 80% in 2000. Among the top tech companies by market capitalization, Meta shares have had their worst year, falling 66%, followed by Tesla's 57%, followed by Amazon.

Amazon shares closed down 3.4% on Monday as soaring inflation, a deteriorating economy and rising interest rates triggered a broader sell-off in technology stocks, which have fallen sharply this year. The technology-heavy Nasdaq composite index could underperform the S & P 500 for the first time in nearly 20 years. Technology stocks have lost trillions of dollars.

Compared with 2020, this is a marked reversal. In 2020, Amazon's share price rose due to unprecedented online demand. At the height of the epidemic, Amazon received a large number of orders from consumers, as many avoided going to brick-and-mortar stores and instead bought necessities and non-necessities online.

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