The Amazon.com Inc. (AMZN) stock fell 1.3% to $35.30 on Tuesday, the worst performance in more than three years as investors expressed concerns over the company’s $5.3 billion acquisition of rival Snap Inc. and a sluggish U.S. recovery.
The Dow Jones Industrial Average fell 3.4%, while the S&P 500 dropped 2.7% and the Nasdaq Composite dropped 2%.
The company also reported that it sold its majority stake in China-based logistics company Wistron Corp. to private equity firm CAA Capital, and that it also sold its $3 billion stake in online retailer Amazon.de to China-focused group Alibaba.
The company’s biggest acquisition is the $5 billion purchase of Snap Inc., which has grown from a nascent e-commerce startup to one of the largest in the world.
The company’s stock is up almost 200% in the last year.
Amazon also announced that it is buying a minority stake in the online payment provider Stripe.
In a separate deal, Amazon will acquire the online retailer Wet Seal, which had raised $3.6 billion.
Amazon said it will acquire Wet Seal in the coming months, and said it is working to finalize a deal for the remaining majority stake.
Wet Seal was founded in 2014 by former Amazon employees and has been working to build its business around its Amazon Prime service.
Amazon plans to release its first Prime Day online shopping event this summer, and it has also been working with Wet Seal to launch a mobile app.
Amazon and Wet Seal are not related.