11/2/2022
Amazon becomes latest tech giant to see value dip below $1 trillion after Meta and Tesla
Amazon becomes the latest tech giant to see a drop in value below a trillion dollars after Meta and Tesla – the market capitalization of the six largest tech companies fell by $4.35 trillion with Apple, Microsoft and Alphabet also suffering massive declines
- The e-commerce giant is the third tech giant to quit the trillion-dollar club
- Six major tech companies have lost $4.35 trillion since their highs in 2021
- Apple, Microsoft and Alphabet are the only remaining tech companies with values over $1 trillion
Andy Gacy, Amazon President and CEO, took over the company in July 2021 to replace founder Jeff Bezos. Meta, the owner of Facebook and Instagram, joined the exclusive club in June last year but withdrew by September.
An analysis of the former six-person “trillion dollar club” by Fortune reveals that everyone has experienced a double-digit percentage decline since their peak.
Meta was the hardest hit, dropping a staggering 77.1 percent.
Amazon and Tesla shares fell 44.5 percent and 41.8 percent, respectively.
Alphabet’s market value fell 38.6 percent, Microsoft’s 32.8 percent, and Apple lost 18.3 percent of its maximum value. The declines mean that $4.35 trillion has been wiped off the companies’ collective values since the peak of their valuations of nearly $12 trillion.
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