The most widely watched tech stocks – including Facebook, Apple, and Amazon – lost $141 billion in market value yesterday (December 4).
That’s enough money to buy Tesla two times over, which has a market capitalisation of nearly $62 billion.
It was a dark day for the markets, which was a result of a broader market sell-off in shares of the big tech companies and has been going on for months.
As reported by Business Insider, this is all happening amid broader concerns about slowing growth and stricter regulations. As such, the big tech stocks were affected massively.
Collectively, the stocks of Facebook, Apple, Amazon, Netflix, and Google parent company Alphabet, declined 4.5 per cent on average. Subsequently, they lost $141 billion in market value.
That’s also enough money to (almost) snap up McDonald’s, which has a market capitalisation of $143 billion.
And if you include Microsoft’s market losses, you could buy Burger King’s owner, Restaurant Brands International, as well — just imagine the amount of Whopper’s and Long Texas BBQ’s you could get with that!
That’s because Microsoft, which has been competing with Apple for the title of most valuable public company in the world, saw its shares fall 3 per cent. Subsequently, the company’s market capitalisation dropped by $27 billion.
Amazon was the biggest loser among the big tech firms, with its stock falling nearly 6 per cent. This resulted in its capitalisation falling by $51 billion.
The next biggest loser was Apple, who saw its capitalisation drop by $39 billion as its stock fell 4 per cent.
Tuesday’s decline in tech shares didn’t just hit the tech giants though; Western Digital, Micron, and Nvidia all saw their shares drop by more than 7 per cent.
Intel’s shares also fell by 5 per cent, while AMD shares fell by a massive 11 per cent.
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A Broadcast Journalism Masters graduate who went on to achieve an NCTJ level 3 Diploma in Journalism, Lucy has done stints at ITV, BBC Inside Out and Key 103. While working as a journalist for UNILAD, Lucy has reported on breaking news stories while also writing features about mental health, cervical screening awareness, and Little Mix (who she is unapologetically obsessed with).