 |
| Tech companies lose more than $ 270 billion |
The six major tech companies have lost about $ 270 billion in market value in the past two days.
Previously, the market collapsed as coronavirus cases rose around the world, fearing that Congress would pass additional stimulus packages before the end of the year to help the troubled US economy.
In the past two days, Amazon lost a market value of nearly $ 30 billion while Microsoft lost a market value of $ 70 billion.
Apple's market cap in August was $ 2 trillion, its market value lost $ 70 billion, and Tesla's market cap was $ 13 billion.
As chief executives defend legal protections in Congress and on Twitter, Alphabet and Facebook are under mounting pressure.
In the past two days, Alphabet's market value decreased $ 50 billion, while Facebook's market value decreased by $ 40 billion.
Investors are concerned about how the current increase in coronavirus cases will affect the global economy.
According to Johns Hopkins University, cases in the United States are increasing at a record rate every day.
The number of cases in Europe has also risen sharply, prompting some countries to re-apply some measures of social isolation.
Companies whose share prices have risen sharply as a result of the epidemic are not immune to the market downturn.
Shopify - Provides online tools for other companies to sell products online, and this week announced a partnership with TikTok. Shopify has lost over $ 1 billion in market value.
Slack's market cap lost about $ 630 million, while Spotify's market value lost more than $ 1.6 billion.
Some recent earnings reports from small tech companies indicate that investors are overly pessimistic.
After receiving a positive surprise in terms of sales, profits, and number of users, Pinterest's stock is up by more than 20%. Snap also surprised investors last week.
Despite the sharp downturn this week, the tech giants are still the winners this year.
The total market values of the six major tech companies Apple, Microsoft, Amazon, Alphabet, Facebook and Tesla were about $ 5 trillion at the start of the year, and their market value now exceeds $ 7.1 trillion in Americans.