FAANG stocks drop a combined $728 billion - more than Saudi Arabia's GDP - in 6-week pummeling
- Facebook, Apple, Amazon, Netflix, and Google have lost $728 billion off of their value in six weeks.
- That's more than the GDP of Saudi Arabia.
- Amid fears of a slowdown in iPhone sales, Apple has been hit hardest. Facebook is on course for its longest-ever losing streak.
It was another dark day in the markets for America's biggest tech companies.
The so-called FAANG firms - Facebook, Apple, Amazon, Netflix, and Google - all finished Monday in the red as the sell-off deepened. It was the continuation of a downward spiral that has run for weeks.
In fact, since Apple hit a high of $232 on October 3, giving it a market cap of $1.16 trillion, the FAANG companies have lost a combined $728 billion off of their value, according to numbers crunched via Macrotrends.
That's more than Saudi Arabia's GDP of $683.83 billion, according to World Bank figures. This in itself is something of an irony, given the kingdom's desire to emulate Silicon Valley.
During the six-week sell-off, Apple has been hit hardest. Amid fears of a slowdown in iPhone sales, Apple's market cap has tanked $231.06 billion to $929.32 billion on Monday.
How much has been wiped from the value of the FAANGs since October 3:
- Apple: $231.06 billion
- Amazon: $220.67 billion
- Google: $138.22 billion
- Facebook: $89.95 billion
- Netflix: $48.11 billion
Total: $728.01 billion
Amazon was next in line, while Facebook's declines have been significant as it remains dogged by controversy over data breaches, election interference, and crisis mismanagement.
Mark Zuckerberg's company hit its lowest level since 13 February 2017 on Monday. It is now on course for a third month in the red, which would be its longest ever losing streak, according to CNBC.
The tech pummelling has also dragged down the wider market. The S&P 500, DOW 30, and NASDAQ 100 dropped by 1.66%, 1.56%, and 3.26% respectively on Monday.