Amazon is no longer a member of the trillion-dollar market value club, as a persistent selloff in the stock pulled down the tech giant’s valuation to its lowest point since 2020.
Shares in the online retailer plunged 5.5% at $96.79 at the closing bell, making its 10.2 billion shares outstanding worth a combined $987 billion.
That’s the first time the tech mogul’s market capitalization has plummeted below $1 trillion since it initially reached that level in April 2020.
Investors are letting Amazon down after the company released a deceiving earnings report Thursday. It missed its third-quarter revenue targets and projected further sales slowdowns during the critical holiday period in the last three months of 2022.
Its shares have shed 12.3% since Thursday. Amazon has seen $143 billion wiped off its market value since it published the financial update. The stock added 0.3% at $97.06 in premarket trading Wednesday.
Currently, only four stocks remain in the trillion-dollar club.
Apple is the world’s most extensive stock by market capitalization, with a valuation of about $2.4 trillion. Saudi Arabian oil giant Aramco ($2.01 trillion) and Amazon’s fellow Big Tech giants Microsoft ($1.70 trillion) and Alphabet ($1.17 trillion) are the other companies that are still worth over $1 trillion as of Tuesday’s close.