The tech giants by market cap; Google’s Alphabet, Apple, Microsoft, Amazon and Facebook’s Meta all fell by a combined $1.5 trillion within a month, according to a report from Tradingplatform.com.
The report, seen Thursday by Peoples Gazette, indicated that the Big Five digital companies lost more than $1.5 trillion in total.
According to the report, the combined market capitalization of the technology companies has fallen 22 percent in the past three weeks, from more than $6.9 trillion to $5.36 trillion.
Tradingplatform.com detailed that Amazon was the hardest hit of the top five digital companies, with a staggering loss of $245 billion in just three weeks.
“According to data from TradingPlatforms.com, the Big Five tech giants have collectively lost more than $1.5 trillion in market cap in less than a month. Amazon’s market cap fell $245 billion in three weeks, the biggest drop in the Big Five, the report said.
The most recent downturn followed an already bad year for tech companies, which were among the biggest gainers during the early stages of the pandemic.
Investors were alarmed by the company’s outlook for the crucial holiday quarter, which predicted a sharp decline in year-over-year revenue growth. As a result, Amazon’s stock price plunged more than 18 percent to less than $90, the stock’s lowest level since early 2020, and its year-to-date value fell 45 percent.
Data showed that in just three weeks, the market cap of the world’s largest retailer of online goods has fallen by a surprising $246.1 billion, from $1.23 trillion in the last week of October to $983.9 billion last week. week.
The report further details that Meta’s market cap has fallen 18 percent over the past three weeks, from $364.6 billion to $296.6 billion.
Microsoft has seen the smallest drop in market capitalization of any of the five companies, with a value drop of $32 billion or 1.7 percent over this period.