Shifting consumer demand patterns and inflation have taken their toll on the world’s most valuable brands, particularly in the tech sector. Apple dropped out of the No. 1 ranking after losing $57.6 billion in value, according to “Brand Finance Global 500 2023.” Taking its place at the top of the list is Amazon, despite losing $51 billion in value. Not all brands in the tech sector have plummeted: Instagram is up 42%, and LinkedIn saw a 49% gain in value, which the report attributes to “well-executed strategy to commercialize their services.” Other gains were seen by electric car manufacturers Tesla, which is up 44% (interesting, given Elon Musk’s recent woes), and BYD, up 57%, “as demand grows for electric cars as part of a broader transition to a low carbon economy,” says the report.