Friday, January 4, 2019

FAANG loses shine

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FAANG stocks -  Facebook, Apple, Amazon, Netflix, and Google-parent company Alphabet, have together wiped out some $1 trillion worth of investor wealth in their slide from respective high levels hit during the second half of 2018.

The value wiped off so far is higher than the total market capitalization of top 50 companies that comprise Nifty.

The market value of Facebook plunged by $238 billion to $389.92 billion as of January 2 from its high of $627 billion hit on July 25, 2018. Likewise, market-caps of Apple and Amazon declined 32 per cent and 24 per cent to $749.39 billion and 752.59 billion, respectively. Apple’s market was around $1,103 billion on October 3, while that of Amazon was $994.75 billion at its peak on September 4.

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