$ 58 billion from Google and other FAANG shares have been wiped off their market capitalization after Trump criticized the "sheer power" of big tech

John Moore / Getty

• Trump's speech to UN Tuesday cost billions of dollars to the world's largest tech companies.
• The FAANGs (Facebook, Amazon, Apple, Netflix and Alphabet, the parent company of Google) lost a cumulative market capitalization of $ 58 billion.
• In his speech, which also discussed trade tensions in China, Trump said that social media platforms are acquiring "immense power," adding that a "free society" can not allow social media giants to to silence the voice of the people ".
• Netflix was the biggest loser, down 4.4%, the Nasdaq index, which is very technology-driven, fell 1.4%.
• See the Markets Insider home page for more stories.

Facebook, Amazon, Netflix and the world's largest tech companies have lost billions of dollars in market value, after Trump attacked social media platforms as part of his speech at the UN.

Together, Facebook, Amazon, Apple, Netflix, and Google lost $ 58 billion in market capitalization, after all stocks suffered losses after the speech. The Nasdaq index, heavily focused on technology, lost 1.4% at closing.

Netflix was down 4.3%. The decline in equities was exacerbated by the fall in target prices announced by a renowned analyst on Tuesday.

Facebook dropped 3% and Amazon dropped 2.5%. Google and Apple also recorded respective losses of 1.3% and 0.5%.

The same actions should all fall further

Wednesday, Facebook, Apple and Amazon recorded a 0.5% drop in market value, compared with 0.2% for Netflix and 0.4% for Google. Together, this would wipe out more than $ 12 billion of these market capitalizations if these declines continue until closing.

According to a video of his speech on CBS News, Trump attacked social media companies, claiming that platforms "gain tremendous power over what we can see and what we are allowed to say," adding that " a free society can not allow giant social media to silence the voice of the people ".

"My administration has made it clear to social media companies that we will defend the right to freedom of speech," he said.

"A free society can not allow the giants of social media to silence the voice of the people and a free people must never, ever, be engaged in the cause of silence, coercion, cancellation or corruption. Registration of their own neighbors. "

Markets Insider announced Tuesday that Pivotal Research Group analyst Jeff Wlodarczak – who was Netflix's biggest bull on Wall Street – had lowered the giant's streaming price target from $ 515 to $ 350.