On September 4, Amazon became the second publicly traded company to reach a market value of $1 trillion, just behind Apple. It has lost 25% of this value in the eight weeks since, Bloomberg revealed.
"It took Amazon 18 years to reach a market cap of $250bn," noted Fortune when the news broke. "It's taken Amazon less than eight weeks to give up $250bn in market value."
18 years after going public Amazon first hit a market cap of $253bn in July 2015, roughly the same amount of money it has lost in just a month and a half in 2018.
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This news followed one of the retail giant's worst days in trading on October 25 when its share price had plummeted by as much as 10% as it was overtaken by Microsoft as the second largest trading company. The falling stock price was due to Amazon trailing behind analyst's expectations of 3Q results and it has tumbled 14% in the days since, according to Business Insider.
Amazon is far from being the only tech colossus that is currently struggling, as the industry has faced an exceptionally rough market period over the last couple of weeks. Business Insider noted that "some $200bn has been wiped off the value of the FAANG companies – Facebook, Apple, Amazon, Netflix, and Google – since Thursday, as a stream of 3Q earnings trickle in".