Amazon is the first and only company to lose $1,000,000,000,000
Topics: Amazon, Money, Jeff Bezos
Gerrard Kaonga
Featured Image Credit: Samir Hussein/WireImage/Getty / Jakub Porzycki/NurPhoto via Getty Images
Topics: Amazon, Money, Jeff Bezos
Amazon and Jeff Bezos might be a beacon of success to some but you still have to wonder how they are still trucking along after losing $1,000,000,000,000.
No, that wasn’t a typo, that is the correct amount of zeros. Amazon has lost 1 trillion dollars. The first and only company to hold this title.
It is hard to even fathom just how much money that is, let alone lose it. Mind you, I'm annoyed if I lose $20 dollars.
The tech company managed to lose this after it saw a massive plummet in its market value back in 2022. On the 9th of November, the company saw its market value fall 4.3 percent to about $879 billion.
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So not exactly in the red, but still.
For context, its important to remember that in the summer of 2021, July to be specific, the company’s market value was around $1.88 trillion.
Amazon CFO Brian Olsavsky had previously told Reuters: "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.
"We are preparing for what could be a slower growth period, like most companies."
At the time, Bloomberg's Billionaire Index reported that Jeff Bezos became the fourth richest person in the world due to this fall. I wonder how he dealt with such a tough financial blow.
For those concerned whether the Amazon head is still having money troubles, he has reclaimed his spot as the second richest person int he world.
If 2022 wasn’t a tough year for Bezos already, he was also being sued by his former housekeeper.
She alleged that she contracted frequent urinary tract infections due to ‘unsanitary’ conditions in his home. Mercedes Wedaa was hired by the billionaire for a housekeeping role in 2019 - that required her to 'work around a family without being seen', the complaint claimed.
However, the case was dismissed but court filings did reveal in her 22 page non-disclosure agreement she signed ahead of working for Bezos, that she was to keep confidential any and all information about Bezos and his family.
Bezo's lawyer, Harry Korrell, at the time said: "Ms Wedaa made over six figures annually and was the lead housekeeper.
"She was responsible for her own break and meal times, and there were several bathrooms and breakrooms available to her and other staff.
"The evidence will show that Ms Wedaa was terminated for performance reasons."