Apple, Amazon, Microsoft, Facebook ‘lose’ billions of dollars

The level of uncertainty surrounding the coronavirus pandemic is having a severe impact on the global economy. Tech firms across the world are feeling the pinch as it was evident in the decline in market capitalisation value. According to a report by CNBC, the big five tech firms — Amazon, Alphabet, Apple, Facebook and Microsoft — lost a combined of close to $420 billion in market value.
The report further states that shares of Apple fell by 9.88% whereas Facebook was down by 9.30%. Google’s parent company Alphabet’s shares plunged by 8.2% whereas Amazon and Microsoft were down by 7.98% and 9.48% respectively. One of the biggest contributing factors in the decline has been the coronavirus outbreak and the impact it is having on the economy.
This isn’t the first time this week that these companies have taken a hit in market value. On Monday, the five companies combined lost $320 billion but recovered during the week only to fall again.