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Amazon has become the world’s first public company to lose over Rs 80 lakh crore in market value in one year due to inflation, rising interest rates and fears of an economic slowdown.
Amazon, one of the public companies listed on the US stock exchange, has lost Rs 80 lakh crore as a company since the current year. Amazon shares fell 4.3 percent on Wednesday. With this, the company’s total market value has fallen from a peak of $1.8 trillion in July 2021 to $87,900 crore at present.
On the decline, Amazon and Microsoft are next in line. Microsoft is now next with $889 billion from its November 2021 peak. IT sector stocks have been losing competition amid fears of an economic slowdown. The top five US IT companies by revenue have lost nearly $4 trillion in market value.
Amazon has become the world’s first public company to lose over Rs 80 lakh crore in market value in a single year due to inflation, rising interest rates and fears of an economic slowdown.
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