Amazon becomes latest tech giant to see value dip below $1 trillion after Meta and Tesla – as market caps of six biggest tech firms plunge by $4.35 TRILLION with Apple, Microsoft and Alphabet also suffering huge declines
- E-commerce giant is third tech behemoth to drop out of the trillion-dollar club
- Six largest tech companies have lost staggering $4.35trillion since 2021 highs
- Apple, Microsoft and Alphabet only remaining tech firms with values over $1tr
Amazon’s value has dropped below $1trillion for the first time since April 2020 amid a sharp decline in the value of the world’s biggest tech firms.
The e-commerce giant becomes the third tech behemoth to drop out of the trillion-dollar club, with its market cap down more than 44% since last November’s peak.
In total, the six largest tech companies have lost a staggering $4.35trillion in value compared with their respective peaks.
Apple, Microsoft and Alphabet still boast values greater than $1trillion – but these companies have not been immune to huge declines in their stock prices.
Tesla dipped below $1trillion last November, just weeks after it reached the milestone.
The analysis by Fortune reveals the top tech firms have lost trillions in value since their peaks
Amazon’s dip below $1trillion follows huge falls in the value of the world’s biggest tech firms
Amazon president and CEO Andy Jassy took the helm in July 2021 replacing founder Jeff Bezos
Meta, the owner of Facebook and Instagram, joined the exclusive club in June last year but had dropped out by September.
An analysis of the former six-strong ‘Trillion Dollar Club’ by Fortune reveals all have suffered double-digit percentage declines in value since their peaks.
Meta has struggled the most, dropping a staggering 77.1 percent.
Amazon and Tesla have dipped by 44.5 percent and 41.8 percent respectively.
Alphabet’s market cap has fallen 38.6 percent, Microsoft’s by 32.8 percent and Apple has lost 18.3percent of its peak value.
The falls mean $4.35 trillion has been shaved off the collective values of the companies since their peak valuations of nearly $12 trillion.
The 20 richest tech billionaires have also lost nearly half a trillion dollars in wealth this year
Mark Zuckerberg’s net worth has now plummeted more than $100 billion in a little over a year
The world’s wealthiest 20 tech billionaires have lost a staggering half a trillion dollars in 2022 alone due to the stock market’s sharp tumble, rocketing interest rates and record inflation .
The richest tech moguls include Mark Zuckerberg, Bill Gates and Larry Ellison and have seen more than $480 billion of their wealth wiped away according to the Bloomberg Billionaires Index which ranks the richest people in the world on a daily basis.
Their financial woes were further compounded by a slew of tech giants reporting disappointing earnings.
Last Thursday, Zuckerberg saw his wealth drop a further $11 billion, meaning his net worth has now plummeted more than $100 billion in a little over a year.
Musk’s net worth has recently risen by around $10bn – but it’s still $40bn lower than its peak
Musk recently splurged $44bn on Twitter – and is expected to dramatically overhaul the firm
Microsoft founder Bill Gates saw his wealth fall by $28.7bn to $109bn, a recent analysis found
Meta reported a decline in revenue for the second consecutive quarter last week.
The company has struggled to come out on top after sinking $70 billion into the Metaverse, its immersive virtual world that has been mocked for containing never-ending empty rooms after failing to attract users.
The company’s revenue slowed for a second straight quarter and raised fresh questions about Meta’s plans to pour more money – at least $10 billion a year – into the virtual realm, as investors raise doubts about growth.
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