Amazon (AMZN) Market Cap Sees Losses of $250 Billion, More than Whole Crypto Market Cap Value
Amazon is not having a good week – a massive market selloff has caused its stock value to fall 25% from a high of $2,050.50. As a result, the company lost over $250 billion from Amazon’s market cap, which is actually more than the market capitalization for the cryptocurrency market, valued at $203 billion.
There is various speculation as to what caused the pull-back, but some surmise that it was triggered by federal interest rate tightening and trepidation over a potential trade war between the United States and China.
Worse yet, the company’s third-quarter earnings report did not fare well either. The expectation was $3.14, but the reality was $5.75. In addition, Amazon’s revenue also received some attention – even though it increased by 30% from last year, the other factors overshadowed the growth.
Even though investors seem to be shaken at the current developments concerning Amazon, some are saying that it has given perspective to the cryptocurrency market. Even though bitcoin has been volatile this past year, things seems to have leveled out this week. Right now, Amazon shares are at $1,538.88 and the company has a market cap of $750.58.