Amazon, the world’s largest e-commerce company, has made 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. The reason for this big fall in Amazon’s valuation is the poor condition of the economy, continuous fall in earnings figures and heavy selling of shares. Amazon became a company with a market value of one trillion dollars in September 2018.
On June 21, Jeff Bezos’s company Amazon had a market value of $1.882 trillion. At the same time, on Thursday it was $ 878 billion. Last year, Microsoft, which became the world’s most valuable company by overtaking Apple, has also suffered a major setback. Microsoft’s market valuation has dropped 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.
According to a report by gizmodo.com, Amazon announced its third quarter results only last month. Amazon disappointed investors. More importantly, the company has projected only 2.8% year-on-year growth in the fourth quarter. 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.
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