Amazon stock can handily have 40 dollar intraday price fluctuations, but if that happened to Snap or Fitbit, those stocks would go bankrupt. Is there a fundamental reason why price fluctuation sizes are a function of the level of the stock price?
EDIT: The comments as of now aren't answering my question, so I am going to clarify it.
Example: SNAP fluctuated 30 cents on on Friday, May 4, whereas AMZN fluctuated $20. I am asking why price fluctuations were of this size. The market does not have a mind of its own that says "oh it makes sense to move prices percentage-wise." I ask this question because in quantitative finance, there are both lognormal and normal models for interest rates and there is a great deal of debate on which one is better. At least for stocks, there can be some intrinsic reason lying in the company's balance sheet, cashflows, etc that induce price movements of that size.