Technology stocks are suffering and it seems like they\u2019re going through one of their biggest beatings in years. The growth of the tech industry as an engine of the global economy is slowing, due to the recent decoupling of FAANG stocks.<\/p>\n
This week, Facebook Inc. gave up the biggest loser spot to Amazon.com, with Amazon losing $53 billion in market value and falling by 7.4 per cent. Netflix was the second-biggest loser in the FAANG group of stocks. This isn\u2019t actual money being lost though. Donald Trump\u2019s remarks don\u2019t mean Amazon\u2019s coffers are down $53 billion.<\/p>\n
\u2018The \u201cflu\u201d that Facebook got is now spreading to the others,\u2019 says Michael Antonelli, an institutional equity sales trader and managing director at Robert W. Baird & Co.<\/p>\n
Some reports say this is due to Trump targeting Amazon and claiming that the tech giant doesn\u2019t pay enough tax.
\nTrump has voiced his distaste for Amazon in the past, and for The Washington Post<\/i> and Jeff Bezos, the owner of both.<\/p>\n
In December, he lashed out against Amazon on Twitter for squeezing low prices out of the US Post Office. He even called the company an \u2018antitrust violator\u2019. The consequence was a stock drop of 1.4 per cent. However, at the time of writing, Amazon\u2019s stock seems to be rising ($1,377.98 on 29 March at 10:00 a.m. and $1,447.34 at 4:00 p.m.). In fact, Amazon\u2019s long-term growth is one of the most stable of any publicly traded company. The question isn\u2019t how well Amazon is going to do next quarter, or next year, or even over the next five years. The question is how well it will do in the next 20 years and it\u2019s difficult to imagine Amazon not continuing its solid growth, even with foreign competitors emerging.<\/p>\n
Follow eXo Platform’s board Cartoon of the Week on Pinterest.<\/a>