According to data shared by news agency Finbold Finance, the economic crisis is also affecting tech gloves. It appears that five of America’s largest companies have been in freefall since the start of 2022.
Windows and Apple were the first companies to enter the trillion dollar market. They were followed by Alphabet, Google’s parent company, and Amazon a little later.
However, this is not the first time that these companies have faced a crisis, as four out of five companies, excluding Microsoft, were also affected during the COVID-19 pandemic. Since everything went online, Microsoft, instead of facing a meltdown, has become one of the companies that has generated a lot of revenue even during the global shutdown. That’s one of the reasons the company was able to maintain its trillion-dollar status when other big names were struggling to get back on par with Microsoft.
Soon after, Mark Zuckerberg’s Facebook became the club’s fifth member. Last year, Apple’s net worth alone was nearly 96% greater than the world’s gross domestic product. When things started to go sour for these big names, Amazon was the hardest hit, with the company losing nearly 50% of its market value. The company that owns Google and Elon Musk’s Tesla fell just behind Amazon.
As a result, 2 out of 5 companies were kicked out of the club after a combined loss of approximately $3.41 trillion. One of the main reasons why companies that were in balance at the time of the pandemic are unstable today is the increase in financial problems and the introduction of new policies. The current inflation is seriously affecting the stock market and making things more complicated.
But since these companies are experienced and know how to deal with such conditions, one can expect future initiatives to bring them back into the trillion dollar club.
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