Amazon has become the first public company to lose $1 trillion in market value, Bloomberg reports.
According to the business and finance outlet, Amazon stock has seen a 48% plunge in its value this year alone, compared to July when its market value almost came up to around $1.9 trillion.
In November, Amazon's market value declined below the $1 trillion mark, days after the tech and e-commerce giant predicted a sales growth slowdown for the holidays.
Amazon isn't the only major tech company that's experiencing a slump; the top five US tech firms have already lost nearly $4 trillion in market value so far this year, due to the increase in inflation and the state of the economy.
"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 Reuters on a call on October 27.
"We are preparing for what could be a slower growth period, like most companies."
Amazon founder Jeff Bezos is now worth less than he was before due to the trillion-dollar loss in his company's value.
Per the Bloomberg Billionaires Index, the world's fourth richest person is now worth $113 billion after starting the year at $192.5 billion.
Elon Musk remains the world's wealthiest person after his net worth dipped below $200 billion.
In other news, Bezos is currently being sued by a former housekeeper who claims she contracted UTIs at his Seattle mansion due to poor working conditions.
As reported by ABC News, former housekeeper Mercedes Wedaa filed the lawsuit against the Amazon founder claiming "unsafe and unhealthy work conditions" at his Washington home.
According to the lawsuit, which was filed in King County Superior Court in Seattle, Wedaa and other housekeeping staff worked up to 14 hours a day and failed to receive proper meals or rest breaks.
The ex-housekeeper was hired by the billionaire in 2019 and worked into 2021. The suit states that she was promoted to lead housekeeper and took orders from Bezos and his girlfriend, Lauren Sanchez.
Wedaa contends in the lawsuit that housekeepers were not allowed to use a bathroom in the security room and had to climb out of the laundry room window to get to another toilet.
According to the complaint, she and other housekeepers developed urinary tract infections as they "had to spend large parts of their day unable to use the toilet".