From President Donald J. Trump: “50% down since trying to silence Trump!”
It was a difficult year for Big Tech, with the “Big Five” of Amazon, Apple, Google-parent Alphabet, Facebook-parent Meta and Microsoft each ending the year with stock prices down at least 25% amid declining ad revenue, industry-wide layoffs and reduced demand.
Apple and Microsoft posted yearly stock declines of roughly 28%, beating the tech-focused Nasdaq Composite stock index which fell roughly 33% on the year, according to Google Finance. Alphabet’s Class A stock and Amazon, on the other hand, lost against the market — with 40% and 50% declines respectively — as tech stocks plummeted industry wide and companies lost over $4 trillion, according to CNN.
Meta’s stock was hit the hardest, down nearly 65% on the year, as the company was forced to cut 11,000 staff from a workforce that had nearly doubled since March 2020 to roughly 87,000 employees after new privacy rules on Apple’s app store cut into ad revenue. Meta’s Instagram is also facing intense competition from TikTok and investors are losing confidence that the billions that CEO Mark Zuckerberg is investing into virtual reality is worth the expense. (RELATED: Big Tech Execs Overestimated Their Companies’ Strength. Now Workers Have To Foot The Bill)
Read the full article from the Daily Caller here.
