The year started with a nightmare for major tech companies, losing billions of dollars in 4 days

The start of the new year has not been good for many big companies of the world. Big tech companies in particular have seen their share prices plummet as the new year begins. Due to this, the market capitalization of many tech companies including Apple, Tesla has decreased drastically.

10-12% decline in shares

The world’s seven largest tech companies – Apple, Amazon, Alphabet, Microsoft, MetaPlatforms, Tesla and Nvidia – also known as the Magnificent Seven in the US stock market, have been struggling with falling prices for the past few days. According to Bloomberg’s Magnificent Seven Price Return Index, the share prices of these companies have been in losses for the last four consecutive sessions. Shares of seven top tech companies have fallen by around 10-12% during this period.

Apple lost $370 billion.

Apple, the world’s largest company in terms of market cap, had a bad start. In the past 4 days, Apple shares have fallen 5% to $184.25. Apple’s stock made a new all-time high a few days ago and reached the $200 per share mark. Its all-time high is $199.62. The decline brought the company’s market cap to $2.856 trillion. Thus, Apple has lost about 370 billion dollars worth in the last 4 days.

Tesla’s stock fell that much.

The world’s richest man, Elon Musk’s electric car company Tesla has also suffered heavy losses. Tesla shares have fallen more than 8% in the past 4 days. The loss for Tesla comes at a time when the company delivered more vehicles than expected in the fourth quarter (October-December 2023). In fact, Chinese electric car company BYD has now overtaken Tesla to become the world’s largest electric car company by sales.

The state of other high-tech companies

Talking about other top tech stocks, Facebook’s parent company MetaPlatforms has lost more than 10% in the last 4 days. Amazon shares fell 3 percent. Microsoft’s stock is down about one percent. Alphabet, Google’s parent company, fell about 2 percent. Shares of semiconductor giant Nvidia have fallen nearly 4 percent during that period.

Also Read: Economy To Get Rural Support This Year, Rural Demand To Remain Strong In 2024

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