Amazon has reportedly become the first public company to lose $1 trillion, or $1,000,000,000,000.
The current state of the tech stock market is about to get a lot worse, as Amazon fell 4.3 percent on Wednesday (9 November), lowering its market value to around $879 billion.
For context, Amazon’s market value was around $1.88 trillion in July 2021, making the $1 trillion loss the first for a public company, according to Bloomberg.
“We are seeing signs all around that, again, people’s budgets are tight, inflation is still high, and energy costs are an additional layer on top of that caused by other issues,” Amazon CFO Brian Olsavsky previously told Reuters. We, like most businesses, are preparing for a period of slower growth.”
Because of the massive drop in share price, Jeff Bezos is no longer the world’s second-richest person.
According to Bloomberg’s Billionaire Index, Bezos is now the fourth richest person in the world.
On Oct. 27, 2017, he surpassed Bill Gates as the world’s richest person, but there are now a few ahead of him, with Elon Musk currently leading the pack.
However, taking a step back, Bezos still has an unfathomable net worth of $109 billion.
Bezos could buy 63.8 million troy ounces of gold and 1.18 billion barrels of crude oil if he wanted to, which is equivalent to 0.474 percent of the US GDP and 1.62 percent of the total wealth of the world’s 500 richest people.
The Amazon founder is currently being sued by his former housekeeper, who claims she developed frequent urinary tract infections as a result of ‘unsanitary’ conditions in his home.
Mercedes Wedaa was hired by the billionaire in 2019 for a housekeeping position that required her to ‘work around a family without being seen,’ according to the complaint.
According to documents filed by Wedaa’s attorney, Patrick McGuigan, “Employers discriminated against Plaintiff because of her race, forced Plaintiff to work long hours without rest or meal breaks, exposed Plaintiff to unsafe and unsanitary work conditions, and retaliated against and wrongfully terminated Plaintiff’s employment.”
“Ms Wedaa made over six figures annually and was the lead housekeeper,” said Bezo’s lawyer, Harry Korrell. She was in charge of her own break and meal times, and she and the other employees had access to several bathrooms and breakrooms. “Given their backgrounds, the suggestion that Bezos, Sanchez, or Northwestern LLC discriminated against Ms Wedaa on the basis of her race or national origin is absurd.”