By Jake Kanter for Business Insider US
Amazon has lost $250 billion (R3.7 trillion) in market value since it became a trillion dollar company in September.
It took Amazon 18 years to reach a valuation of $250 billion after first going public in 1997, Fortune pointed out.
Amazon’s quarterly results missed analysts’ expectations and ignited worries that the tech company is facing stronger competition.
If the giant scale of America’s first trillion-dollar companies Apple and Amazon can make movements in their stock price seem a little abstract, then Fortune provided some timely context on Monday.
The publication pointed out just how marked Amazon’s share price decline has been in recent weeks, with a little bit of history about the online retailer, which first went public in 1997.
After hitting the heady heights of a $1.02 trillion valuation on September 4, when it closed at $2,039.51 a share, Amazon has since taken a heavy hit. The company’s share price was down to $1,538.88 on Monday, tearing around $250 billion (R3.7 trillion) off its value in an eight-week period.
Amazon first hit a market cap of $253-billion on July 24, 2015 – 18 years after it first went public.
Amazon’s quarterly results on Thursday missed analysts’ expectations and ignited worries that the tech company is facing stronger competition. Amazon’s stock has fallen 14% since then – its worst two-day decline since 2014, Reuters said. It relinquished its spot as the second-largest US company by stock market valuation to Microsoft.
Some $200-billion has been wiped off the value of FAANG companies – Facebook, Apple, Amazon, Netflix, and Google – since Thursday, as a stream of Q3 earnings trickle in.