Tech gets demolished: The 5 hottest tech stocks just lost $172 billion in market value

Nuclear Atom Bomb Atomic Science War RadioThe stock market took a big bite out of the FAANGs on Wednesday.

Collectively, the Big Five tech firms — Facebook, Apple, Amazon, Netflix, and Google — lost $172 billion in value over the span of a few hours on Wednesday, amid a broad slump in the market. That’s about the same amount as Toyota’s entire market capitalization — and it’s equivalent to the dollar value of the entire gross domestic product of Algeria.

In terms of value lost, Amazon was the big loser of the group. Its shares fell 6% on Wednesday, vaporizing $56 billion of its market capitalization. Apple was next; it lost nearly $51 billion on a 4.6% fall — an amount $6 billion greater than the entire value of General Motors.

But Netflix was the biggest loser on a percentage basis. It’s shares declined by 8%, shedding about $13 billion in the process.

Facebook, which has had its share of troubles recently, fell 4% and lost $15.7 billion in market value. And Google’s 4.6% slide left its market cap $36.7 billion lighter.

Source: Business Insider

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