Amazon became the first company to lose $1 trillion in market value from its peak during the 2022 technology sell-off.
Amazon reached that loss in November 2022 after its share price fell from the record set during the pandemic-era technology boom. The decline reflected higher interest rates, weaker investor appetite for growth stocks, slowing post-pandemic demand, and concerns about operating costs.
The figure describes the change in market capitalization between a peak and a later value; it does not mean Amazon paid out or physically lost $1 trillion in cash. Market capitalization can fall because investors collectively value future earnings less highly.
Amazon continued operating throughout the decline and remained one of the world’s largest companies. Its businesses include online retail, advertising, logistics, streaming, and Amazon Web Services, so its valuation reflects several different sources of revenue.