Other tech companies are not far behind.

Jeff Bezos founded Amazon.com Inc., has achieved the unenviable milestone of being the first public company to lose a trillion dollars in market valuation, Bloomberg.

How has Amazon stock fared in 2022?

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Incidentally, Amazon was among the first few companies to cross the $1 trillion valuation in the first place, and the recent dip is a sign of the nervousness in the markets about the slowdown in the global economy, led by the U.S. In a bid to keep their costs down, companies like Meta have recently announced layoffs. However, Amazon has so far avoided a reduction in its headcount.