The six biggest tech stocks have lost more than $1 trillion in value in three days
The six biggest tech stocks have lost over $ 1 trillion in the past three days alone, but that’s really just a dent from a huge rally that peaked last week.
Apple, which reached a market cap of $ 2 trillion on August 19, is down about $ 325 billion during that time. Microsoft fell $ 219 billion, Amazon fell $ 191 billion, Alphabet fell $ 135 billion and Tesla, which fell 21% on Tuesday to mark its worst single-day loss in history, lost 109 billion dollars in the past three days. Finally, Facebook lost $ 89 billion.
Despite the huge numbers, it’s worth keeping in perspective given the massive increase in the value of tech giants this year.
At the start of 2020, the six biggest tech companies were worth around $ 5 trillion. On Wednesday, September 2, they peaked at a value of $ 8.2 trillion. After Tuesday’s close, they have a combined market cap of $ 7.1 trillion. While it’s a big loss over a few days, those six companies are still worth $ 2.1 trillion more than they were at the start of the year – despite the global coronavirus pandemic and job losses record in the United States.
Sept. 11, 2020