Amazon is a company known for breaking records and setting new industry standards.
And they’ve done it again.
But this time, they’d probably rather not have the honors.
Amazon became the first publicly traded company to lose $1 trillion in market valuation.
In June, Amazon was valued at $1.882 trillion. But this week, the valuation came at a meager $878 billion.
According to Bloomberg, the massive valuation drop results from a bad economy, bad earning reports, and a vast stock selloff.
Microsoft was also hit with a massive valuation drop, with losses of around $900 billion.
Many tech companies are feeling the crunch this year, with the top five most valuable US tech companies losing a combined $4 trillion in value this year.
Amazon CEO Andy Jassy said following Q3 earning reports, “There is obviously a lot happening in the macroeconomic environment. And we’ll balance our investments to be more streamlined without compromising our key long-term strategic bets.”
The tech bubble is finally bursting.