The Amazon stock price has not had a good time recently. The AMZN share price is trading at $2,485, slightly above last week’s low of $2,371. However, it has fallen by more than 35% from its highest level last year, bringing its total market cap to about $1.26 trillion. At its peak, the company was nearing a market value of $2 trillion.
Jeff Bezos Net Worth
Amazon has been the second worst-performing FAANG stock after Netflix. With its market value currently at $1.2 trillion, Jeff Bezos has lost over $44 billion in net worth this year. This makes him the second worst-performing billionaire after Changpeng Zhao of Binance, who has seen his net worth crater by over $95 billion. In addition, Bezos’s ex-wife Mackenzie Scott has lost over $18 billion, according to data compiled by Bloomberg.
Amazon is between a rock and a hard place. As I wrote before, the company’s earnings, its retail margins are thinning, while the current unionising drive will put more pressure on the company. Additionally, while cloud computing industry is growing, there are signs that this growth is tapering. While its advertising business has been a bright spot for the company, its growth momentum missed expectations. The firm made $116.4 billion in revenue, while its net loss was $3.8 billion in Q1.
Amazon stock price forecast
My AMZN stock forecast last week did not work out. Before earnings, I predicted that the stock would bounce back and retest the resistance at $3,000. The opposite happened, and the stock dropped below the support at $2,400. The shares moved slightly below the important support at $2,695. It has also moved lower than the 25-day and 50-day moving averages, while the stochastic oscillator has moved below the oversold level.
In the past, such significant down-gaps have been hard to fill, as we saw with both Meta Platforms, Docusign, and Teladoc. Therefore, I suspect that the shares will remain in this range and possibly retest the support at $2,000. The next key rally will likely happen after the company publishes its next quarterly results.