As per recent news, we know that the share prices of ‘FAANG’ are dropping constantly. But it is shocking to know that Facebook, Apple, Amazon, Netflix and Google have together lost around $728 billion value in previous six weeks. This value is even more than Saudi Arabia’s GDP.
The biggest tech companies of America are facing another dark day in markets. FAANG firms finished in red with deepening sell-off on Monday. The downward spiral that has been running for weeks now continues.
Since 3 October when Apple hit a $232 high, FAANG firms have lost a total of $728 billion. The World Bank figures show that the number is even greater than $683.83 billion which is the GDP of Saudi Arabia. This comes as an irony given that the company wants to emulate Silicon Valley.
Apple is hit the hardest among all during the sell-off in the previous week. The market cap of Apple has tanked $231.06 billion to $929.32 billion due to fear of iPhone sales slowdown. Following figures show how much has been wiped out from FAANG’s value since 3 October.
Apple is at the top of the list and suffered the most losing $231.06 billion during the weeks following 3 October. Following Apple is Amazon, which lost $220.67 billion. Google is next with a loss of $138.22 billion. Facebook went down by $89.95 billion and Netflix lost $48.11 billion. In all, FAANG has lost $728.01 billion in just six weeks and the downward spiral continues.
Facebook’s declines are due to the controversies regarding election interference, crisis management and data breaches. On Monday, Facebook hit the lowest level since 13 February 2017. It continues to be in red and this would be its longest ever losing streak. The pummeling tech has dragged down the wider market as well.
Source: Business Insider, Quick News