According to recent reports, Apple, Alphabet, Tesla, Microsoft, and Meta lose $260 billion in 24 hours. The cause of this is reportedly recession and economic slowdown. Read the entire article to learn about the complete story.
About the loss
Various reports suggest that investors all around the world are worried about the effect on their revenue because of the recession and slowdown of the economy. These two factors will definitely have a negative effect on their revenues and make it difficult for them to function like they used to. The analysts from the Bank of America suggested that the demand for Apple is going to go down next year. It is already reducing. The demand for their services has already decreased and next in line are their products as per the analysts. The value of the dollar has appreciated which is why Apple will see a reduction in its revenue when the money gets converted into dollars.
Drop in stocks and shares
All the big techs are facing a drop in their stocks and shares. For example, Microsoft shares dropped 1.48% which led to a $26.7 billion less in market value. The same goes for Amazon, the company saw a drop of 2.72% which means $32.7 less in market value. All the big techs are facing this issue and this affecting the Nasdaq 100, which is the financial index dominated by all of them. As per the reports, it is down by 31%. Mark Zuckerberg’s Meta is no longer in the top 10 companies while Apple is in the first place. This is all happening due to rising inflation, it is at its highest at this point. Inflation in simple terms refers to the rise in the prices of commodities.
About these companies
All these companies are extremely popular and have established a name for themselves all around the world. Apple is currently being headed by Tim Cook. It is doing really well and people are going crazy over its products. Alphabet is the parent company of Google which is headed by Sundar Pichai. It’s 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 headed by the richest man in the world, Elon Musk. Microsoft has made quite a name for itself and is being headed by Satya Nadella. Meta is the parent company of Facebook. It also owns Instagram and WhatsApp and is headed by Mark Zuckerberg.