This drop was enough to strip more than $250 billion from the market cap of Amazon, more than the entire cryptocurrency market’s capitalization, which currently stands at roughly $203 billion.
Amazon has now lost about a quarter of a trillion dollars from its high pic.twitter.com/wtPANJ23pp
— Joe Weisenthal (@TheStalwart) October 29, 2018
Like other tech stocks, Amazon has suffered from a significant pull-back triggered by an aggressive Fed rate tightening schedule and renewed fears over Trump’s trade war with China.
However, Amazon’s woes were intensified after last week’s Q3 earnings report, which featured a massive earnings beat ($5.75 versus $3.14 expected). However, the company’s revenue drew significant scrutiny from the Street. Amazon’s $56.5 billion in revenue was up more than 30% from last year but was apparently not enough to outweigh the macro factors working against the company.
While the sell-off has been enough to shake investors, the size of the fall does put the relatively small size of the cryptocurrency market into perspective. Additionally, despite the ongoing narratives regarding the volatility of Bitcoin (BTC), the leading digital asset has been fairly stable over the same period that Amazon dropped 25% and many other stocks faired just as poorly.
After tumbling more than 6% today, Amazon shares currently stand at $1,538.88, giving the tech giant a $750.58 billion market cap.
More: Joe Weisenthal’s Tweet
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.