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Microsoft shares plummeted on Thursday losing $17billion in value just five minutes after a federal judge ordered a temporary injunction on the company’s JEDI contract with the Pentagon.
The technology company’s shares dropped from $185.40 at 2.11pm EST to an intraday low of $183.16 by 2.16pm and closed around that price.
The article goes on to state the following:
Microsoft’s stock, which is worth $1.4trillion, suffered a 1% loss from its market capitalization on Thursday.
The Daily Mail noted that Amazon was originally expected to win the Defense Department contract to “build a cloud for the storage and management of military and defense data.”
After the contract was awarded to Microsoft instead, Amazon requested a court injunction last month, claiming they were shut out because of President Trump’s bias against Jeff Bezos.
After the judge’s order on Thursday, Microsoft shares plummeted. Amazon shares rose briefly, but their stock then turned negative as well.
— Kevin Corke (@kevincorke) February 13, 2020
Breaking: Federal court orders Pentagon to halt the JEDI cloud contract it awarded to Microsoft, granting Amazon’s request for injunction https://t.co/l8u2p0byUo
— The Wall Street Journal (@WSJ) February 13, 2020
BREAKING: Judge grants Amazon request to temporarily halt Microsoft’s cloud contract with Pentagon https://t.co/gJ1kJB0vBi
— CNBC Now (@CNBCnow) February 13, 2020
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