- Trump's speech to the United Nations on Tuesday cost the world's largest technology companies billions in value.
- FAANGs (Facebook, Amazon, Apple, Netflix and Google's parent alphabet) lost a combined market share of $ 58 billion.
- In his address, which also mentioned Chinese trade tensions, Trump said that social media platforms are gaining "tremendous power", adding that a free society "cannot allow the giants in social media to cast the votes of the people. "
- Netflix was the biggest loser, falling 4.4% as the tech-heavy Nasdaq index fell 1
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Facebook, Amazon, Netflix and the world's largest technology companies lost billions of market value on Tuesday, after Trump attacked social media platforms as part of his address to the UN.
Combined, Facebook, Amazon, Apple, Netflix and Google lost $ 58 billion in market capital after all shares saw losses after the speech. The technology-heavy Nasdaq index fell 1.4% at the close.
The biggest losers were Netflix, which dropped 4.3%. The stock's decline was compounded by a prominent analyst's lowered price target on Tuesday.
Facebook dropped 3% and Amazon dropped 2.5%. Google and Apple also saw losses of 1.3% and 0.5% respectively.
The same shares are all expected to fall further
When trading with the premarket on Wednesday, Facebook, Apple and Amazon fall 0.5%, while Netflix fell 0.2% and Google 0.4%. Combined, it would wipe $ 12 billion off the market coffers if these falls continued into the closing clock.
According to a CBS News video from his speech, Trump attacked companies on social media, saying that the platforms "are gaining tremendous power over what we can see and over what we are allowed to say, adding that" free society cannot allow social media giants to cast people's votes. "
" My administration has made it clear to social media companies that we will uphold the right to free speech, "he said.
" A free society can do not allow social media giants to silence people's voices, and a free people must never, never, be enlisted to silence, force, cancel, or blacklist their own neighbors. "
In addition to the bearishness on Netflix, Markets Insider reported on Tuesday that Pivotal Research Group analyst Jeff Wlodarczak – who used to be the biggest Netflix bull on Wall Street – lowered the price for the streaming giant from $ 515 to $ 350.