Business


Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. 

Christophe Morin/IP3 | Getty Images News | Getty Images

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. 

Facebook and Google parent company Alphabet are both down for the year. While Facebook turned negative a few months ago, Alphabet became the second major tech company to go negative on Monday.

Tech stocks overall were hit hard Tuesday as the Nasdaq Composite Index slid another 0.6 percent. Facebook and Alphabet are just two of the companies that make up the group of large tech stocks commonly known as FAANG, which also includes Amazon, Apple and Netflix. Collectively, the FAANG stocks lost over $1 trillion in value Tuesday compared to recent highs.

Still, the three other FAANG stocks hung onto their gains for the year. As of Tuesday, Amazon was up 30 percent year to date, Apple was up over 6.5 percent and Netflix was up 41 percent.

Year to date, Facebook was down more than 24 percent and Alphabet was down more than 2 percent as of Tuesday morning. The year has been tumultuous for Facebook, which has faced a series of scandals involving misinformation on its platform and questions over data privacy. Google employees walked out of offices around the world earlier this month when a New York Times investigation said the company had paid out a $90 million exit package to a former executive who was accused of sexual misconduct.

Subscribe to CNBC on YouTube.



Source link

Products You May Like

Articles You May Like

Market sell-off set to continue as Dow futures get hit
Pindrop Series D funding round backed by Goldman Sachs, Vitruvian
‘More volatility’ is making global business harder
Tesla is a winner if China lowers trade barriers
Elon Musk says Tesla would consider buying idled GM plants

Leave a Reply

Your email address will not be published. Required fields are marked *