Hims & Hers Health Inc. saw a significant drop in its share price after Amazon announced its plans to enter the hair-loss drug market.
This is a major concern for Hims, as hair-loss treatments have been a major source of revenue for the company.
Earlier this year, Hims' shares had experienced a significant increase due to the high sales of GLP-1 weight-loss drugs.
The entry of a major player like Amazon into the hair-loss sector raises concerns about increased competition and potential market share loss for Hims.