It's not just Amazon that's bleeding money, the top five US tech companies by revenue have already lost nearly $4 trillion in market value so far this year, thanks to rising inflation and macroeconomic headwinds, per Bloomberg.
"We are seeing signs all around that, again, people's budgets are tight, inflation is still high, energy costs are an additional layer on top of that caused by other issues," Amazon CFO Brian Olsavsky told the reporters in a call on October 27, perThe dip in Amazon's share price has also hit Amazon founder Jeff Bezos' net worth. The world's fourth richest person is now worth $113 billion after starting the year at $192.
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