Amazon reportedly loses $1 trillion in market value marking a historic first. The tech company is not the only firm to lose value after the highs of the pandemic, but it is however the first to fall over $1 trillion.
Amazon Reportedly Loses $1 Trillion in Market Value
Tech company Amazon became a not-so-lucky first when the market value of the company reached $879 billion on Wednesday, coming down from a high of $1.88 trillion in July 2021. And as previously reported by Bloomberg, it is the first company to ever lose more than $1 trillion in market value.
Many Other Companies Are Feeling the Impact of a Cooling Economy
Amazon is not the only firm at the moment to be feeling the impact and effect of a cooling economy and a return to life out of the home just after the initial lockdowns caused by the covid-19 pandemic. The market value of Microsoft peaked at around $2.5 trillion and at the time of this writing sits at $1.78. Meta which is formerly known as Facebook is another company that reached over $1 trillion in market value back in august 2021 and it now sits at about $285 billion.
The Sales of Video Games Are Expected To Fall Overall In 2022
The sales of video games are also expected to fall overall in 2022. Likewise, media streamers boomed in 2021, but however, streaming giants such as Netflix which were once stable are now on the lookout for more means for venue amid financial instability.