The “Top Five” Technology Company Lost $172 Billion In Market Value

The FAANGs stocks have undergone a terrible day when US market stock turned red in Wednesday session and lost $172 billion in combined value which is equal to Algeria’s GDP and Toyota’s entire market capitalization

(FAANGs is an acronym of five best tech stock include: Facebook, Apple, Amazon, Netflix and Alphabet’s Google. Up to 20th March 2018, the market capitalization of these companies reached $3.015 trillion )

Amazon had the biggest lost when its shares decreased 6% which is equal to $56 billion. The next one is Apple with 4.6% fall in shares value, lost $51 million in its market value which is higher than General Motors’s entire value.

Netflix was the one who experienced the biggest pain when 8% of its share value declined and lost total $13 billion.

Facebook and Google also had the same situation when they lost $15.7 billion and $36.7 billion respectively which is equal to about 4% and 4.6% value of shares.

Larry Benedict, CEO of The Opportunistic Trader said:

FAANG stock is regarded to be a very attractive stock because of their outstanding performance in the recent time. However, after this event, people should think twice before investing in these stocks because there can be a serious tech bubble like the tech stock nightmare in the 2000s.

This decrease happened when there is a big selloff in the market. Therefore, all stock indexes experienced an extremely fall. Dow Jones plunged 831.83 points to 25,598.74 while the S&P 500 fell 3.3 percent to 2,785.68, with the tech sector fall sharply. The Nasdaq was also down 4% to 7,439.05.

To Dow Jones and S&P 500, this was their biggest decline since February and to Nasdag was June 2016.

Since October 3, $303.7 billion has wiped out of FAANGs’ market capitalization.

Wednesday's selloff is the warnings of global growth and trade conflicts