Tech and Retail Giants Suffer Trillions in Valuation Losses
A new study reveals shifting consumer habits and post-pandemic recalibrations wiped out major corporate market caps since 2021.
- By Jesse Jacobs
- Oct 21, 2026
A total of 172 major corporations lost $4.96 trillion in combined market value between August 2021 and September 2026, according to an analysis of the world's 1,000 largest publicly listed companies.
The market report by BestBrokers shows former pandemic darlings experienced steep revaluations amid economic normalization, rising interest rates and technology shifts.
PayPal recorded the steepest percentage loss, shedding 85.41% of its value. Its market capitalisation fell from $322.65 billion to $47.08 billion, a $275.6 billion drop. Despite processing $1.79 trillion in payments in 2025, slowing branded checkout growth and competition from Apple Pay, Google Pay and Stripe reduced valuation.
Nike lost 80.37% of its value, falling $217.1 billion from $270.14 billion to $53.04 billion. Revenue in Greater China fell 22% year-over-year in first-quarter fiscal 2027. Adobe lost $208.6 billion, falling 69.03% from its $300 billion valuation due to generative artificial intelligence competition.
Other five-year losses include:
- Saudi Aramco: Down $227.7 billion to $1.6 trillion (-12.14%)
- LVMH: Down $201.6 billion to $220.6 billion (-47.75%)
- Comcast: Down $193.2 billion to $77.7 billion (-71.30%)
- Walt Disney: Down $142.5 billion to $183.3 billion (-43.73%)
- Wuliangye Yibin: Down $102.7 billion to $39.8 billion (-72.05%)
- Nestlé: Down $99.9 billion to $240.5 billion (-29.36%)
- Sea Limited: Down $99.6 billion to $60.98 billion (-62.03%)
Zoom lost 75.71% of its value, dropping from $107.76 billion to $26.18 billion amid competition from Microsoft 365 and Google Workspace. BioNTech fell 72.72% as vaccine demand dropped. A $1,000 investment in PayPal in August 2021 fell to $200.21 by September 2026. The same investment dropped to $208.22 in Nike, $252.53 in Zoom and $261.10 in BioNTech.
Roblox market cap fell 64% to $33.18 billion over 12 months. Boston Scientific fell 54.67% in 2026 from $140.4 billion to $63.7 billion following heart implant slowdowns and an August cyberattack.
The dataset excluded firms with stock splits, mergers, acquisitions or spin-offs.