Amazon becomes world's first public company to lose $1 tn in market value

Amazon has become the world's first publicly traded company to lose $1 trillion in market value, Bloomberg reported. A combination of rising inflation, tightening monetary policies and disappointing earnings triggered a "historic" selloff in Amazon's stock this year. Amazon's shares fell 4.3% on Wednesday, pushing its market value to $879 billion from a record $1.88 trillion on July 2021.