A speech by President Donald Trump once again affects big technology in their market value. Together with monopoly investigations, they have lost up to 4% of their value in a single day.
Google, Apple and other tech stocks lost billions of dollars in market capitalization after Donald Trump's speech to the UN included an attack on tech giants.
Business Insider reports that Facebook lost 3% of its value, Amazon 2,5%, Google 1,3% and Apple 0,5%. Netflix was hit the hardest at 4,3%, but the site notes that it also reflected a negative report from a prominent analyst.
Donald Trump's speech to the UN on Tuesday cost the world's largest tech companies billions in value.
The FAANGs (Facebook, Amazon, Apple, Netflix and Google's parent Alphabet) lost a combined market capitalization of 58.000 billion.
In his speech, which also mentioned China trade tensions, Trump said social media platforms are gaining “immense power,” adding that a free society “cannot allow social media giants to silence the voices of the people.”
The Nasdaq index, dominated by tech giants, fell 1,4%. Further declines are expected when the market reopens. With all that Donald Trump likes to charge against these big tech companies, this news will not be uncommon. They have special dislike because he considers that are not positive enough towards him.
Threats that make the stock market fall
Google had some good news yesterday when it won a major court case against the European Union over “right to be forgotten” legislation. A court ruled that it only had to implement the legislation in European versions of the search engine.
Currently, there is no obligation under EU law, for a search engine operator who grants a dereference request made by a data subject ... to carry out such dereferencing in all versions of its search engine
Hopefully Donald Trump will mention something about it in a few days.
Source Business Insider
