Apple, Alphabet, Amazon, Tesla, Microsoft and Meta lose $260 billion in 24 hours
According to recent reports, Apple, Alphabet, Tesla, Microsoft and Meta lost $260 billion in 24 hours. The cause would be recession and economic slowdown. Read the entire article to learn about the full story.
About the loss
Various reports suggest that investors around the world are worried about the effect on their earnings due to the recession and slowing economy. These two factors will certainly have a negative effect on their income and make it difficult for them to operate as before. Bank of America analysts have suggested demand for Apple will decline next year. It is already decreasing. Demand for their services has already declined, followed by their products according to analysts. The value of the dollar has appreciated, which is why Apple will see a reduction in its revenue when the money is converted into dollars.
Fall in stocks and shares
All major technologies are facing a decline in their stocks and shares. For example, Microsoft shares fell 1.48%, resulting in a $26.7 billion drop in market value. The same goes for Amazon, the company saw a decline of 2.72%, which means $32.7 less in market value. All major technologies face this problem and it affects the Nasdaq 100, which is the financial index dominated by all. According to reports, it is down 31%. Mark Zuckerberg’s Meta is no longer in the top 10 companies as Apple takes the top spot. This is all happening due to rising inflation, it is at its highest right now. Inflation in simple terms refers to the rise in commodity prices.
About these companies
All of these companies are extremely popular and have made a name for themselves around the world. Apple is currently led by Tim Cook. He is doing very well and people are going crazy for his products. Alphabet is Google’s parent company headed by Sundar Pichai. It is the most popular search engine in the world. Amazon is an e-commerce company founded by Jeff Bezos. Tesla is a car that defines luxury and the company is founded and led by the world’s richest man, Elon Musk. Microsoft has made a name for itself and is led by Satya Nadella. Meta is the parent company of Facebook. It also owns Instagram and WhatsApp and is run by Mark Zuckerberg.