Tech stocks are taking a beating, all of them. The heavy-hitters, as represented by the FAANG acronym (Facebook, Amazon, Apple, Netflix, Google), have fallen dramatically.
Put together, the collective value of these stocks has dropped over $1 trillion since its earlier peaks, according to CNBC.
Of the lot, Facebook stocks have been hit the hardest. This morning, the price hit a new low of $126.85, which is more than 40% below its high in July of $218.62. In total, Facebook’s value has dropped by over $253 billion.
As the social network continues to grapple with scandals over data privacy, the spread of disinformation, and faulty metrics, analysts and advertisers have continued to hammer away at the company. “Now we know Facebook will do whatever it takes to make money. They have absolutely no morals,” said Rishad Tobaccowala, chief growth officer for the Publicis Groupe to the New York Times.
It remains to be seen whether this is just a blip or a sign of continued tough times for both Wall Street and tech. For Facebook, it’s not just a market problem but reflective of an internal struggle. Following the most recent revelations about the company’s inability to fix its platform while allegedly waging a secret PR war against those critical of it, this could be the beginning of a big shift. Now, investors will wait to see if the company can rebound–or at least stop the bleeding.
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