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Amazon becomes the first company in the world to lose $1trillion in market value

As a result of tightening monetary policies, rising inflation, and disappointing earnings reports, Amazon has the unfortunate distinction of being the first publicly traded company in history to see its market value fall by one trillion dollars.

The e-commerce and cloud company's shares dropped 4.3% on Wednesday, lowering its market value from a record close of $1.88 trillion in July 2021 to about $879 billion. Amazon and Microsoft were competing head-to-head to surpass the undesirable milestone, with Microsoft coming in second place after losing $889 billion since its November 2021 peak.

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