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- The stock market decline Wednesday hit the biggest tech stocks particularly hard.
- Together, the FAANG companies — Facebook, Amazon, Apple, Netflix, and Google — lost a collective $172 billion in value.
- Amazon was the biggest loser; it shed $56 billion in market capitalization.
The 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.See the rest of the story at Business Insider
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