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Amazon Becomes the First Company Ever to Lose $1 Trillion in Stock Value

Gizmodo: “Amazon, one of the first companies to join the prestigious $1 trillion dollar valuation club, just passed another, admittedly less desirable milestone. This week, Jeff Bezos’ Everything Store became the first publicly traded company to lose $1 tillion in market valuation. The mind boggling figures, first noted by Bloomberg, are the results of a worsening economy, repeatedly dour earnings reports, and massive stock selloffs. Amazon, valued at $1.882 trillion on June 21, on Thursday reported a comparatively measly $878 billion valuation. Microsoft, which briefly surpassed Apple as the world’s most valuable company last year, wasn’t far behind, with market valuation losses hovering around $900 billion. Combined, the two companies’ declines capture the effect of a lousy year most in tech would like to soon forget.”

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