The beginning of the new year has not been good for many big companies of the world. Especially big tech companies have faced a huge fall in share prices as the new year begins. Due to this, there has been a huge decline in the market capitalization of many tech companies including Apple, Tesla.
Shares fell by 10-12%
The world’s seven largest tech companies – Apple, Amazon, Alphabet, Microsoft, Meta Platforms, Tesla and Nvidia – also known as the Magnificent Seven in the US stock market, have been struggling with falling prices for the last few days. According to Bloomberg’s Magnificent Seven Price Return Index, the share prices of these companies have been in loss in the last four consecutive sessions. During this period, the shares of seven top tech companies have fallen by about 10-12 percent.
Apple suffered a loss of $370 billion
Apple, the world’s largest company in terms of market cap, has had a very bad start. In the last 4 days, Apple’s shares have fallen 5 percent to $ 184.25. Apple’s stock had made its new all-time high just a few days ago and had reached the threshold of $ 200 per share. Its all time high closing level is $199.62. Due to this decline, the market cap of the company has come down to $ 2.856 trillion. In this way, Apple has lost about $370 billion in value in the last 4 days.
Tesla’s stock fell so much
Tesla, the electric car company of the world’s richest man Elon Musk, has also suffered huge losses. Tesla shares have fallen by more than 8 percent in the last 4 days. This loss to Tesla has occurred at a time when the company has delivered more vehicles than expected in the fourth quarter (October-December 2023). In fact, China’s electric car company BYD has now become the world’s largest electric car company in terms of sales, leaving Tesla behind.
Condition of other top tech companies
Talking about other top tech stocks, Facebook’s parent company Meta Platforms has declined by more than 10 percent in the last 4 days. Amazon’s shares have fallen 3 percent. Microsoft’s stock is in loss of about one percent. The price of Google’s parent company Alphabet has fallen by about 2 percent. Shares of semiconductor company Nvidia have fallen by about 4 percent during this period.
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