This week Amazon became first public company ever to lose over $1 trillion in value. It earned this distinction when its market cap dipped to $879 billion on Wednesday, down from its peak of $1.88 trillion in July 2021, according to Bloomberg.
By market close Friday, Amazon's market cap had already perked back up, topping $1.02 trillion. But the record it set Wednesday will live on.
Amazon isn't the only company feeling the impact of a shaky economy and a return to life outside the home after the initial COVID-19 lockdowns. Microsoft's market value peaked at around $2.5 trillion and sat at $1.84 trillion as of market close Friday. Meta, formerly known as Facebook, reached just over $1 trillion in value in August 2021 and sat just under $300 billion as of market close Friday. The Dow Jones Industrial Average is down 7% since the start of 2022 but has been lower at times this year.
Other sectors are hurting too. Video game sales are. Likewise, , but giants like Netflix are looking for more revenue amid financial instability.
Amazon CEO Andy Jassy recently launched a cost-cutting review of the company, The Wall Street Journal reported Thursday. That apparently includes suspending or eliminating unprofitable projects and reassigning employees. Amazon is also taking a close look at its device business, which includes Alexa-enabled smart speakers, the report noted.
Amazon did not respond to request for comment.