InvestorQ : Is it true that Amazon has lost $1 trillion in market cap and are they planning layoffs?
Arti Chavan made post

Is it true that Amazon has lost $1 trillion in market cap and are they planning layoffs?

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Rutuja Nigam answered.
3 weeks ago
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Bezos has achieved the unique distinction of being the only company in history to lose $1 trillion in market cap. It recently became the first public company to lose a trillion dollars in market valuation after its market cap fell this year from $1.89 trillion to $879 billion. The $1 trillion fall in market cap is a signal of the nervousness in the markets about the global recession. As the Fed gets more hawkish, US recession fears are depressing the level of consumer spending. However, unlike Meta which has fired 13% of its workforce, Amazon has stayed off from laying off people, something that will help them score brownie points.

However, Amazon is not the only loser in the tech pack and there are others who have lost close to $1 trillion in market cap. For instance, Microsoft gave up $890 billion in market cap as it fell from $2.49 trillion in November 2021 to $1.67 trillion in October 2022. Apple has slipped from a market cap of $3 trillion in early 2022 to just about $2.14 trillion; a market cap loss of $860 billion. In fact, the market cap depletion of the top 5 tech companies is almost as high as $4 trillion. To put things in perspective, that is equivalent to the combined GDP of Switzerland, Argentina, and Turkey. That is the extent of tech damage.

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