Friday, December 9, 2022

Apple, Alphabet, Meta, Amazon, Microsoft lose $1.5 trillion in market cap

The downturn followed an already poor year for tech companies, which were among the top gainers during the pandemic’s early phases.

• November 17, 2022
Apple, Meta
Apple, Meta

The market capitalisation tech giants; Google’s Alphabet, Apple, Microsoft, Amazon, and Facebook’s Meta all decreased by a combined $1.5 trillion within a month, according to a Tradingplatform.com report.

The report seen by Peoples Gazette on Thursday, detailed that the Big Five digital firms lost a combined total of more than $1.5 trillion.

According to the report, the combined market cap of the tech companies plunged by 22 per cent in the last three weeks, falling from over $6.9 trillion to $5.36 trillion.

Tradingplatform.com detailed that Amazon was the most severely impacted of the five biggest digital businesses, suffering a stunning $245 billion in losses in just three weeks.

“According to data presented by TradingPlatforms.com, the Big Five tech giants have collectively lost over $1.5trn in market cap in less than a month. Amazon’s Market Cap Dipped by $245B in Three Weeks, the Biggest Drop Among the Big Five,” the report read.

The most recent downturn followed an already poor year for tech companies, which were among the top gainers during the pandemic’s early phases. 

Investors were alarmed by the company’s outlook for the crucial holiday quarter, which predicted a sharp decline in year-over-year sales growth. As a result, Amazon’s share price dropped more than 18 per cent to less than $90, the stock’s lowest level since early 2020, and the year’s value dropped by 45 per cent.

Data revealed that in only three weeks, the market capitalisation of the world’s largest retailer of online goods fell by a startling $246.1 billion, from $1.23 trillion in the final week of October to $983.9 billion last week.

The report further detailed that Meta’s market cap fell by 18 per cent in the last three weeks, from $364.6 billion to $296.6 billion.

Microsoft has seen the smallest market cap drop of all five companies, with its stock value falling by $32bn or 1.7 per cent in this period.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Politics

2023: INEC begins voter migration exercise in Borno 

A total of 411 polling units with over 1,000 voters would be migrated to 336 less populated ones.

Sport

Qatar 2022: Croatia send Brazil out of World Cup

Croatia held Brazil to a 1-1 draw and eventually won in penalty shootout that ended 4-2.

Vehicles queue for petrol

NationWide

NUPEG moves to end fuel scarcity; gives marching order to tanker drivers, others 

NUPENG further ordered employees at gas stations and depots to abstain from any unlawful activity that could contribute to fuel shortage.

The new Palestinian Ambassador to Nigeria, Abdullah Shawesh

Agriculture

Palestinian envoy pledges support to Nigeria’s agric sector

Abdullah Shawesh pledged to support Nigeria with his vast knowledge in the agricultural sector.

An image of a meeting of the National Working Committee (NWC) held in Abuja

Hot news Home top

Labour Party removes spokesman, sacks Ogun excos

The party scribe said a caretaker committee would be appointed to take charge of the party’s activities in Ogun State pending further recommendations.

President Muhammadu Buhari

Health

Buhari orders immediate rescue of 5 babies abducted from Anambra hospital

Kidnappers were said to have stormed Stanley Hospital in Nkpologwu where they picked the newborns and zoomed off.