- Tech Stocks Lost Almost $100 Billion on Friday
The big five tech companies, Apple, Alphabet Class A shares, Microsoft, Facebook and Amazon lost more than $97.5 billion in market value on Friday, according to Factset report.
Apple share dropped 4 percent of its value on Friday, while the other four plunged more than 3 percent each. Plunging the Nasdaq to its worst week this year.
However, three tech companies closed in green, IBM, Teradata and the Western Union.
The sell-off that was triggered by the global chief investment officer of Goldman Sachs Group, Robert Boroujerdi’s comment after he warned that low volatility in the big five may be blinding investors to risks such as cyclicality and regulation. Dragged S&P 500 technology index 2.7 percent below its opening price.
Similarly, top tech billionaires have their net worth sapped by the decline. For instance, Jeff Bezos lost $2.6 billion of his net worth to No.3 on the Billionaires Index with $83.9 billion net worth. Facebook Inc. co-founder Mark Zuckerberg, and the co-founders of Google parent Alphabet Inc. — Larry Page and Sergey Brin — together shed $4.6 billion in the decline.
Bill Gates remains at the top of the ranking with Spanish retailing magnate Amancio Ortega at No. 2.
