Technology
Facebook, Apple, Amazon, Netflix, Google lose value of Saudi Arabia
Apple CEO Tim Cook and
Amazon CEO Jeff Bezos.
Getty
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Facebook, Apple, Amazon, Netflix, and Google have lost
$728 billion off of their value in six weeks. - That’s more than the GDP of Saudi Arabia.
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Amid fears of a slowdown in iPhone sales, Apple has
been hit hardest. Facebook is on course for its longest-ever
losing streak.
It was another dark day in the markets for America’s biggest tech
companies.
The so-called FAANG firms — Facebook, Apple, Amazon, Netflix, and
Google — all finished Monday in the red as the sell-off deepened.
It was the continuation of a downward spiral that has run for
weeks.
In fact, since Apple hit a high of $232 on October 3, giving it a
market cap of $1.16 trillion, the FAANG companies have lost a
combined $728 billion off of their value, according to numbers
crunched via Macrotrends.
That’s more than Saudi Arabia’s GDP of $683.83 billion, according to World Bank figures. This
in itself is something of an irony, given the kingdom’s desire to
emulate Silicon Valley.
During the six-week sell-off, Apple has been hit hardest. Amid
fears of a slowdown in iPhone sales, Apple’s market cap has
tanked $231.06 billion to $929.32 billion on Monday.
How much has been wiped from the value of the FAANGs since
October 3:
- Apple: $231.06 billion
- Amazon: $220.67 billion
- Google: $138.22 billion
- Facebook: $89.95 billion
- Netflix: $48.11 billion
Total: $728.01 billion
Amazon was next in line, while Facebook’s declines have been
significant as it remains dogged by controversy over data
breaches, election interference, and crisis mismanagement.
Mark Zuckerberg’s company hit its lowest level since 13 February
2017 on Monday. It is now on course for a third month in the red,
which would be its longest ever losing streak, according to CNBC.
The tech pummelling has also dragged down the wider market. The
S&P 500, DOW 30, and NASDAQ 100 dropped by 1.66%, 1.56%, and
3.26% respectively on Monday.
Get the latest Google stock price here.
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