According to reports, Amazon is the first publicly traded corporation to have lost $1 trillion, or more precisely $1,000,000,000,000. As a result of Amazon’s November 9 decline of 4.3 percent, which reduced its market value to roughly $879 billion, the already dismal situation in the internet stock market is about to get much worse.
As a point of reference, Amazon’s market valuation was approximately $1.88 trillion in July 2021, making the enormous $1 trillion loss the first for a publicly traded business, according to Bloomberg. In a recent interview with Reuters, Amazon CFO Brian Olsavsky said: “We are seeing signs all around that, again, people’s budgets are tight, inflation is still high, energy costs are an additional layer on top of that caused by other issues.”
A Bit of a Change
Jeff Bezos is no longer the second-richest person in the world due to the dramatic drop in share price. According to Bloomberg’s Billionaire Index, Bezos is currently the fourth richest person. On October 27, 2017, he passed Bill Gates as the richest person in the world, but now Elon Musk is in front of the pack.
The founder of Amazon is currently being sued by his former housekeeper, who claims that because of the “unsanitary” circumstances in his home, she frequently developed urinary tract infections. According to the complaint, the billionaire recruited Mercedes Wedaa for a housekeeping position in 2019 that required her to “work around a family without being noticed.”