Peter Smith
According to Holger Zschaepitz, an author at Die Welt, the combined market capitalization of the biggest and most popular tech companies, included in the S&P 500, fell by $ 500 billion in just one day.
Facebook, Apple, Netflix, Google, Microsoft, Amazon, Nvidia are abbreviated as FANGMAN, and their decline exceeds the annual GDP of Belgium or Sweden, two prosperous European countries:
"Just to put things into perspective: Combined mkt cap of #FANGMAN (Facebook, Apple, Netflix, Google, Microsoft, Amazon, Nvidia) has plunged by $500bn, equal to the GDP of Sweden or Belgium." Holger Zschaepitz via Twitter
Mr. Zschaepitz has previously noted that the market capitalization has dropped by 400 billion, which equals to the GDP of Norway:
"OUCH! Combined Mkt Cap of #FANGMAN (#Facebook, #Apple, #Netflix, #Google, #Microsoft, #Amazon, #Nvidia) drops $400bn today, equal to GDP of #Norway." Holger Zschaepitz via Twitter
However, after that on the aftermarket, the market dealt another blow to the shares of large companies, the total drop in the S&P 500 index for the day was about 3.5%. The big FANGMAN companies led the decline, falling far lower than the benchmark.
Peter Smith
