Amazon Loses $1 Trillion in Value, Becoming World's First Public Company to Do So

It’s been a rough few months for Amazon.

Amazon shoppers shrug off second Prime Day sale.

Consumers are feeling this recession and are feeling the pinch of inflation.

Then, now Amazon has become the world’s first public company to lose $1 trillion in market value.

The ecommerce giant’s market capitalization dropped below $900 billion on Friday morning, as investors continue to worry about the company’s sky-high valuations.

There are a number of factors behind Amazon’s recent struggles.

One is the ongoing crisis in the global economy, which has led to concerns about inflation and rising interest rates.

This has caused many investors to flock to safer bets like gold or government bonds.

Amazon so far managed to avoid the eye-popping layoffs that have already impacted.

Due to the uncertain economic situations, customers have changed their purchasing habits.

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