Amazon incurs huge losses

A combination of high inflation, monetary tightening, and disappointing earnings led to a historic sell-off in Amazon shares since early 2022, which saw it lose nearly $1 trillion.

Amazon shares fell; The e-commerce giant increased 4.3% on Wednesday, pushing its market value to about $879 billion from a record close of $1.88 trillion in July 2021.

Fears of a recession further dampened sentiment in the tech sector, as the top 5 US tech companies by revenue have seen nearly $4 trillion in market value evaporate this year.

The world’s largest online retailer has spent the year adjusting to a sharp slowdown in e-commerce growth as shoppers resume pre-pandemic habits.

Amazon shares fell nearly 50% amid slowing sales, higher costs and hikes in interest rates.

Since the beginning of 2022, co-founder Jeff Bezos has seen his fortune dwindle by $83 billion to $109 billion.