Amazon has become the first publicly traded company to lose $1 trillion in market value, and its stock fell 4.3% to $86.14 on Wednesday, bringing its market value now to $879 billion, Business Insider writes. Back in July 2021, it was worth nearly $1.9 trillion.

Such a decline is almost equal to the loss of market value of Google’s parent company Alphabet, which now stands at about $1.13 trillion.

The company’s stock has lost about 48% of its value over the course of this year, while its market capitalization nearly reached $1.9 trillion in July 2021. On Nov. 1, Amazon’s market value fell below the $1 trillion mark, days after reporting its third-quarter earnings and forecasting the slowest fourth-quarter growth in history.

Amazon wasn’t the only one to suffer losses, however: 5 other top U.S. tech companies have lost nearly $4 trillion of their market value this year due to rising inflation and macroeconomic headwinds.

The reason for this, according to Amazon’s CFO Brian Olsavsky, is the dwindling budgets of people, still-high inflation and rising energy costs.