Amazon took 18 years to hit a market cap of $250 billion. It lost that much in 8 weeks in the tech stock mauling
- Amazon has lost $250 billion (R3.7 trillion) in market value since it became a trillion dollar company in September.
- It took Amazon 18 years to reach a valuation of $250 billion after first going public in 1997, Fortune pointed out.
- Amazon's quarterly results missed analysts' expectations and ignited worries that the tech company is facing stronger competition.
- You can follow Amazon's stock price live here.
If the giant scale of America's first trillion-dollar companies Apple and Amazon can make movements in their stock price seem a little abstract, then Fortune provided some timely context on Monday.
The publication pointed out just how marked Amazon's share price decline has been in recent weeks, with a little bit of history about the online retailer, which first went public in 1997.
After hitting the heady heights of a $1.02 trillion valuation on September 4, when it closed at $2,039.51 a share, Amazon has since taken a heavy hit. The company's share price was down to $1,538.88 on Monday, tearing around $250 billion (R3.7 trillion) off its value in an eight-week period.
Using a market capital calculator from Macrotrends, you can see Amazon first hit a market cap of $253 billion on July 24, 2015 - 18 years after it first went public. You can see the trend below:
Amazon's quarterly results on Thursday missed analysts' expectations and ignited worries that the tech company is facing stronger competition. Amazon's stock has fallen 14% since then - its worst two-day decline since 2014, Reuters said. It relinquished its spot as the second-largest US company by stock market valuation to Microsoft.
Some $200 billion has been wiped off the value of FAANG companies - Facebook, Apple, Amazon, Netflix, and Google - since Thursday, as a stream of Q3 earnings trickle in.
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