As investors have dumped shares of Facebook, Amazon, Apple, Netflix, and Google-parent Alphabet, $822 billion in value has been wiped off their combined market value since the end of August, according to The NYTimes.
Based on the losses from each company’s high point in recent months, more than $1 trillion in value has been erased. Facebook, Apple and Amazon have endured the greatest declines, all down $250 billion or more from their respective peaks.
That is a marked reversal for one of the most popular trades on Wall Street. Investors piled into shares of the largest tech companies, betting their revenue would continue to grow strongly as these behemoths upended industries from retail to communication to media.
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