Silicon Valley Underwater: Tech Giants Lose $1 Trillion in Value in 3 Days

The largest tech firms in the world have reportedly lost over $1 trillion in value over just three trading days. Microsoft, Amazon, Tesla, and Google all lost more than $100 billion in a few days, while Facebook lost $70 billion.

CNBC reports that the largest tech firms in the world including Google, Apple, Microsoft, Tesla, and Amazon have lost over $1 trillion in combined value in just three trading sessions. Stocks have had a large sell-off overall since the Federal Reserve raised its benchmark interest rate on Wednesday, but tech firms seem to be hit the hardest by the change.

Microsoft CEO Satya Nadella (Jason Redmond/ Getty)

Apple’s Tim Cook calls for privacy bill with right to delete data (AFP)

Investors are reportedly less interested in the tech firms that largely drove business during a bull market in recent years and are instead focusing on safer bets, including companies like Campbell Soup, General Mills, and J.M. Smucker.

Apple, which is the world’s most valuable public company, shed $220 billion in value since the close of trading on Wednesday. This was shortly after Fed Chair Jerome Powell declared that inflation was too high and there were no plans for a rate hike by more than half of a percentage point.

CNBC summarized the big losses over the last three trading days:

Microsoft has lost around $189 billion in value.
Tesla’s markdown registers at $199 billion, months after seeing its valuation fall below $1 trillion.
Amazon’s market capitalization has declined by $173 billion.
Alphabet, Google’s umbrella company, is worth $123 billion less than it was last week.
Graphics card maker Nvidia’s loss stands at $85 billion.
And Facebook parent Meta Platforms has lost $70 billion in value.

Following Powell’s comments on inflation, markets initially moved up but optimism fell short in the coming days. Stocks fell lower on Thursday and again on Friday and even lower on Monday. The S&P 500 fell below the 4,000 mark on Monday while the Nasdaq 100 ETF is down by almost 10 percent.