The market value of America’s major online businesses including Netflix, Airbnb and Amazon decreased by $814.56 billion over the past 12 months, according to a recent Finbold study.
The study, seen by Peoples Gazette on Thursday, said that of the $814.56 billion, Netflix, Airbnb, and Amazon suffered the highest losses.
“Streaming platform Netflix was hit particularly hard, with a loss of 36.18% in market cap, bringing its current capitalization to $143.84 billion, down from $225.39 billion in April 2022. Airbnb follows closely with a loss of 29.36%, currently valued at $70.89 billion. Amazon, the second highest-valued internet company in the US, experienced a market cap drop of 28.43% over the last 12 months, presently worth $1.05 trillion,” the report read.
“Payment platform PayPal, with a current market cap of $80.71 billion, recorded losses of 19.22%, followed by ServiceNow at -15.91%. Other notable losses include Alphabet (-15%), Uber (-3.16%), and Meta Platforms (-1.91%),” it added.
The companies had a market valuation of $4.34 trillion in April 2022, but that figure plummeted to $3.53 trillion in 2023.
In other developments, online travel company, Booking Holdings, increased its market valuation by 10 per cent, from $90.52 billion to $99.58 billion. Equinix’s market capitalization climbed by 2.09 per cent to $66.40 billion.
According to the report, the drop in the market capitalisation of the highlighted corporations connects with the current economic slowdown caused by tightening monetary policies and increasing inflation, which contribute to increased stock market volatility.
The economic outlook, as well as the firms’ ability to adapt to new tactics to maintain market competitiveness, will be critical in rekindling the companies’ market worth.
SOURCE: PEOPLES GAZETTE
