The market worth of the world’s top 5 largest technology companies the so-called FAANG has been reduced by $1 trillion. FAANC refers to Facebook, Amazon, Apple, Netflix and the mother company of Google Alphabet.
During the last 52 years the value of the companies changed as follows:
• Facebook: -$253 billion
• Amazon: -$280 billion
• Apple: -$253 billion
• Netflix: -$67 billion
• Alphabet: -$164 billion
On Tuesday the price of the shares of all five companies dropped significantly. Apple’s shares prices saw the biggest drop with -4.8%.
As Forbes reports, the value of Facebook has dropped by 40% since July and the value of Amazon dropped by 26% since September.