When Amazon’s market worth dropped to $879 billion on Wednesday from a high of $1.88 trillion in July 2021, it became terrible. It is the first public firm to ever experience a market value loss of over $1 trillion.
After the COVID-19 lockdowns, a return to normal life outside the home and a weak economy are having an impact on a number of businesses, not only Amazon. Microsoft’s market worth is currently $1.78 trillion, down from its peak of roughly $2.5 trillion. The valuation of Meta, formerly known as Facebook, peaked at well over $1 trillion in August 2021 and is currently hovering around $285 billion.
According to Thursday’s Wall Street Journal story, Amazon CEO Andy Jassy recently began a review of the company’s cost-cutting procedures. It appears that this also entails reassigning staff and stopping or ending unsuccessful projects.
According to the article, Amazon is also closely examining its device division, which includes Alexa-enabled smart speakers among others.