Big tech stocks set huge records (didn’t want to)
Tech companies have faced a difficult and volatile year as stock prices have fallen.
6 mega caps including Amazon, Apple (AAPL)- Get Free Reportalphabet (goog)- Get Free ReportMicrosoft (MSFTMore)- Get Free Reportmeta (meta)- Get Free Report and Tesla (TSLA)- Get Free Report,Combined market capitalization More than $5 trillion has been lost this year, according to Bespoke Investment Group, an investment firm based in Harrison, New York.
Apple lost $880 billion and Alphabet lost $846 billion. Meta and Tesla both lost more than $760 billion, while Microsoft lost $784 billion “despite losing nearly $1 trillion at its November low.”
But one company stands out by the crowd.Amazon (AMZN)- Get Free Report set another questionable record on Dec. 20 when it became the first megacap company to surpass $1 trillion in market cap.
Tech giant Amazon has benefited from the pandemic as consumers stayed home and bought more goods as they spent less money on leisure activities such as dining out, travel and entertainment. rice field.
The tech industry is suffering as investors sell stocks and lose trillions of dollars in valuations.
Amazon’s stock has had its worst year since the 2000 stock market crash, with the internet retailer’s share price down 80%. dot com bubble burst.
The US stock market experienced a $11.7 trillion drawdown from its January 3, 2022 peak when the Russell 3,000 was used as a proxy, writes Bespoke. blog post.
“The maximum drawdown was $13.6 trillion at the 9/30 low, so market cap has increased by just under $2 trillion since then,” Bespoke writes. has been the most extreme we have ever experienced, and if you ask us, it is quite deflationary!”
fear of recession rise by rise inflation Interest rates and a global economic slowdown will slow economic growth.
Tesla stock falls more than 50% in one year
Tesla shares plummeted as CEO Elon Musk turned his attention to the $44 billion acquisition of Twitter.
Shareholders of electric car makers are increasingly frustrated by Musk’s actions and lack of attention.
Tesla shares are currently trading at $138.70, 55.95% from a year ago. The stock has fallen 17.91% in the last month alone.
The company’s market capitalization reached just $431.79 billion on Dec. 20, compared to $1.13 trillion on Dec. 31, 2021, when the stock traded at $352.26.
Since Musk took Twitter private, he has appeared to be intensely focused on the social media platform, attacking his supposed enemies and banning the accounts of journalists who cover him or his company. or stopped. He has continued to stir up controversy on a regular basis.
Tesla shares are down 55.2% since Musk bought Twitter in April. Musk said he closed the deal on Oct. 27, which he did less than two months ago. Tesla’s stock has lost 33.3% of its value in this short period of time.
Tesla now trades at a forward price to earnings similar to Hershey’s and a lower forward multiple than Clorox (CLX)- Get Free Report and Costco (cost)- Get Free ReportAccording to Bespoke data.
The stock market lost $11.7 trillion in market cap on December 20, 2022 from its January 2, 2022 high.
https://www.thestreet.com/technology/a-big-tech-stock-just-set-an-enormous-record-it-didnt-want-to Big tech stocks set huge records (didn’t want to)
