BREAKING: Amazon will lay off more than 10,000 employees in corporate and technology roles beginning this week, according to a report from The New York Times.
in October that spooked investors and caused shares to sink more than 13%.
It marked the first time Amazon's market cap fell below $1 trillion since April 2020, and the report was the second time this year that Amazon's results have been enough to spark a double-digit percentage selloff. The selloff continued for days after the report andAmazon stock is down about 41% for the year, more than the 14% drop in the S&P 500, and is on pace for its worst year since 2008.
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