INSUBCONTINENT EXCLUSIVE:
policies and disappointing earnings updates triggered a historic selloff in the stock this year
Shares in the e-commerce and cloud company fell 4.3% on Wednesday, pushing its market value to about $879 billion from a record close at
$1.88 trillion on July 2021
Amazon and Microsoft Corp
were neck-and-neck in the race to breach the unwelcome milestone, with the Windows software maker close behind after having lost $889
billion from a November 2021 peak.
While technology and growth stocks have been punished throughout the year, fears of a recession have
further dampened sentiment in the sector
The top five US technology companies by revenue have seen nearly $4 trillion in market value evaporate this year
Its shares have fallen almost 50% amid slowing sales, soaring costs and a jump in interest rates
Since the start of the year, co-founder Jeff Bezos has seen his fortune dwindle by about $83 billion to $109 billion, according to data
reduce their spending in the face of economic uncertainty
That sent its market value below $1 trillion for the first time since the pandemic-fueled rally in tech stocks more than two years ago.
