Tech giants Facebook, Twitter, Google, Tesla and Amazon will want to quickly forget the month of July, as they recorded huge losses run into billions of dollars. Below we look at these companies, how much they lost and the reason for the loss.
FACEBOOK $120 billion (Biggest loss in US history)
The figures show that Facebook lost 23 per cent of its shares in the largest single-day loss ever recorded in the history of the United States. Mark Zuckerberg who happens to be the highest shareholder in the company lost almost $17B of his personal fortune. This loss can be attributed to the recent attacks data leaks, accusations of allowing the spread of fake news, lawsuits etc.
TWITTER $5 billion
Twitter shares dropped by 20%, and this cost them $5bn (£3.8bn) off the market value of Twitter. This loss was caused by the recent move for Twitter to reduce fake, suspicious and dormant accounts, deleting almost 70 million accounts and causing a drop of 1 million users following its action to delete fake and offensive accounts. And to make matters worse, Donald Trump has been using the social media platform to threaten other countries.
GOOGLE $5 billion
If you have been following the news recently, am sure you already saw this coming and you know the reason for this loss. Google where fine a record sum of $5 billion by E.U for abusing it’s Android OS and other unfair practices such as forcing phone makers to install Google Apps like Chrome, YouTube, etc and destroying competition. Even though Google is appealing the fine, all indications show that they might end up paying the fine.
TESLA $2 billion
During the Thailand football team occurrence, Tesla CEO Elon Musk offered to build a kid-sized submarine that could go straight into the cave and rescue the team, if only he could see the future, he would have known that the good deed will cost him $2 billion. He insulted a British diver who helped rescue the boys a paedophile. Although Elon Musk apologized and deleted the tweets, the damage had already been done.
Amazon $100 million
Amazon lost over $100 million according to Business Insider during its biggest sale event of the year The Amazon Prime Day. The loss came when the website experienced glitches and downtime to the extent that it could not make a single sale for over 1 hour. Even though the errors where fixed, there was little they could do as the loss was already recorded.