Shares of Apple, Facebook, Google, Netflix, and Amazon lost $172B in market value

Wednesday was a rough day
on Wall Street, particularly for tech stocks.
Lucas Jackson/Reuters

• The stock market decline Wednesday hit the biggest tech
  stocks particularly hard.
• Together, the FAANG companies — Facebook, Amazon, Apple,
  Netflix, and Google — lost a collective $172 billion in value.
• Amazon was the biggest loser; it shed $56 billion in market
  capitalization.

The stock market took a big bite out of the FAANGs on Wednesday.

Collectively, the Big Five tech firms — Facebook, Apple, Amazon,
Netflix, and Google — lost $172 billion in value over the span of
a few hours on Wednesday,
amid a broad slump in the market. That’s about the same
amount as Toyota’s entire market capitalization — and it’s
equivalent to the dollar value of the entire gross domestic
product of Algeria.

In terms of value lost, Amazon
was the big loser of the group. Its shares fell 6% on Wednesday,
vaporizing $56 billion of its market capitalization. Apple
was next; it lost nearly $51 billion on a 4.6% fall — an amount
$6 billion greater than the entire value of General
Motors.

But Netflix
was the biggest loser on a percentage basis. It’s shares declined
by 8%, shedding about $13 billion in the process. 

Facebook,
which has had its share of troubles recently, fell 4% and lost
$15.7 billion in market value. And Google’s
4.6% slide left its market cap $36.7 billion lighter.

The decline came amid a big selloff in the market. The S&P
500 fell 3.3%, the Dow Jones Industrial Average dropped 3.2%, and
and the tech-heavy Nasdaq declined 4.1%. The
Dow’s drop was its largest
since February, while the Nasdaq’s was its biggest in more
than two years.

In just the last week (i.e., since October 3), the FAANG stocks
have lost $303.7 billion in market valuation.

Wednesday’s selloff appeared to be sparked by concerns about
global growth and conflicts over trade.

Get the latest Google stock price here.