Microsoft Lost Nearly $17 Billion In Market Value After A Judge Ordered To Block Their JEDI contract Temporarily
- Microsoft Corporation lost almost $17 billion of market value on Thursday, 13th February.
- The tech company's shares plummeted in just a matter of minutes, falling from $185.40 at 2:11 pm ET to $183.16 at 2:16 pm.
- The injunction came after Amazon claimed that President Donald Trump's bias against Jeff Bezos prevented the company's efforts to win the $10 billion cloud contract.
- Amazon's share rose slightly following the announcement on Thursday, however, by the end of the day, the share turned negative.
Microsoft Corporation lost almost $17 billion of market value on Thursday, 13th February, just minutes after a federal judge granted a temporary order to block the company's JEDI contract with the Pentagon.
According to the Market Business Insider, the tech company's shares plummeted in just a matter of minutes, falling from $185.40 at 2:11 pm ET to $183.16 at 2:16 pm and closed around that price.
Microsoft's stock that worth more than $1 trillion, suffered a loss of 1% on Thursday due to its market capitalization. The injunction came after Amazon claimed that President Donald Trump's bias against Jeff Bezos prevented the company's efforts to win the $10 billion cloud contract from the American Department of Defense.
Microsoft's shares suffered a 1% loss in market value on Thursday after a federal judge ordered a temporary injunction on their JEDI contract SOURCE: Daily Mail Meanwhile, Amazon's share rose slightly following the announcement on Thursday, however, by the end of the day, the share turned negative.
As per several online sources, Amazon was expected to win the contract to build a cloud for the storage and management of military and defense data in the Pentagon. Following their unexpected loss of contract, the company claimed the process was tainted with politics and requested a court injunction.
Furthermore, the court has sealed the doc u ments requesting the block and the judge's decision for some unspecified reasons.
