'The technology industry is getting worse, is FAANG losing its appeal?'
Amazon.com Inc became the world's first public company to experience a market value loss of $1 trillion.
It is understood that Amazon shares fell 4.3% yesterday, pushing the market value down to $879 billion from a high of $1.88 trillion during July 2021.
It is underlined that the surge in inflation including the aggressive tightening of monetary policy and the weak 3rd quarter corporate earnings report results have been the main factors in the selling of company shares by investors.
In general, the online retail giant has struggled with changing consumer spending patterns in the wake of the pandemic and has seen its shares down about 50% year-to-date.
As a result, Amazon has lowered the company's growth forecast for the coming quarter with consumers expected to reduce spending based on the current economic uncertainty.
In the meantime, Amazon is not the only technology company to experience a loss in market value with Microsoft Corp also experiencing a decline in market value of $889 billion from its November 2021 peak.
In total, US tech giants have lost $4 trillion in revenue so far this year.
On the other hand, the decline in the value of Amazon shares also affected its founder, Jeff Bezos, when his wealth dropped from $109 billion to $83 billion.
