Amazon.com


has now lost more than $1 trillion in market capitalization, the most ever by a U.S. company and the first time one company has shed that much market value. It’s a painful reminder to investors that valuation multiples change dramatically in bear markets.

Amazon (AMZN) shares hit a new 52-week low on Wednesday, closing at $86.14 a share, down 48% so far in 2022. The


S&P 500


and


Nasdaq Composite


have declined about 22% and 35%, respectively.