Recession hit! Amazon became the first company to lose $1 trillion, how about other companies
Amazon’s market value on June 21 was $1.882 trillion.
On Thursday, it fell to $ 878 billion.
Microsoft’s market valuation has dropped by $900 billion.
New Delhi. The world’s largest e-commerce company Amazon has created another record. However, the company did not want to make this record at all. Amazon has become the first company in the world whose market valuation has decreased by $ 1 trillion ($ 1 trillion). The reason for this huge decline in Amazon’s valuation is the poor condition of the economy, continuous decline in earnings figures and heavy selling of shares. In September 2018, Amazon became a company with a market value of one trillion dollars.
On June 21, Jeff Bezos’s company Amazon had a market value of $ 1.882 trillion. At the same time, on Thursday it remained $ 878 billion. Microsoft, which became the world’s most valuable company by overtaking Apple last year, has also suffered a major setback. Microsoft’s market valuation has decreased by $ 900 billion. America’s top five most valuable tech companies have lost $ 4 trillion this year. This is more than the total GDP of Turkey, Argentina and Switzerland.
read this also- Meta Layoffs: Facebook’s parent company fired 11,000 people, Zuckerberg apologized
weak quarterly results
According to a report by Gizmodo.com, Amazon had announced its third quarter results only last month. Amazon only disappointed investors. More than this, the company has estimated only 2.8% growth in the fourth quarter on an annual basis. This growth rate is very low for Amazon. Amazon, which is constantly touching new heights, has suffered a big loss due to the decline in e-commerce purchases.
read this also- Tesla Share Price: Elon Musk sold shares worth $ 4 billion, stock at 17-month low
ban on new recruitments
Releasing the third quarter figures, Amazon CEO Andy Jesse had said that the economic environment is changing a lot. Andy said that he will create an investment strategy by balancing it with his major long-term goals. However, the good thing is that Amazon has not yet laid off employees. However, the company has put a ban on new recruitments. Many tech companies, including Meta, have fired employees in view of the decline in income.
Meta fired 11,000 employees
Meta Platforms Inc., the parent company of the social media platform Facebook, fired more than 11,000 employees on Wednesday. The company has already stopped the new recruitments. Meta CEO Mark Zuckerberg apologized for laying off employees, saying he had no choice but to do so.
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Tags: amazon, Amazon CEO, business news in hindi, Jeff Bezos, market cap
FIRST PUBLISHED : November 10, 2022, 12:45 IST