Apple and Amazon surprisingly recorded the biggest loss in market cap in 2022. Apple lost $846.34 billion and Amazon shed $834.06 billion in value. Market cap is a measure of the overall value of all of a company’s stock.
The value lost by both the companies dwarfs the overall size of the other household technology stocks. Bespoke Investment Group expressed that these numbers as staggering.
The performance of Amazon was more broadly in line with the tech sector, which was hurt by issues like slowing internet advertising, high interest rates, and some other factors.
Apple also struggled due to concerns over the popularity of its newly launched products and it faced hardship with iPhone 14 deliveries in the holiday season because of Covid-19 pandemic restrictions at its main factory in China.
In reality, what each of these companies lost in a year is more than twice the size of overall market cap of Meta. It just tells us how large these two firms are in the stock market.
