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Facebook shares drop following allegations by a whistleblower. The rest of Big Tech continues to crumble.
Sébastien Bozon / AFP via Getty Images
Facebook
The action continued its recent dip on Monday the morning after whistleblower Frances Haugen revealed her identity and appeared on “60 Minutes,” while Instagram, WhatsApp and Facebook itself appeared to be down. It was far from the only big tech company that failed on a terrible day for US stocks.
Facebook stock (ticker: FB) fell 4.9% to $ 326.50 in Monday’s trading, the biggest daily percentage drop since November 9, 2020, when it fell 5%, according to Dow Jones Market Data. Outages have also been reported on the company’s platforms.
While Facebook’s latest controversies may have accelerated the massive sell-off, it’s not the only one that investors are considering, among other factors, broader regulatory action.
Shares of Google’s parent company
Alphabet
(GOOGL) was down 2.1% to $ 2,674.79, which would be its lowest close since July 22. It has fallen in five of the past six days and is down 9.4% from its September 1 closing high.
Other big tech companies have also fallen.
Amazon.com
The stock (AMZN) was down 2.8% to $ 3,190.63, which would extend a recent streak of losses to six days and 6.9%. It would be Amazon’s longest such streak since August 5, 2019, when it has fallen for eight consecutive days, according to Dow Jones Market Data.
The last of the so-called FAANG stocks,
Netflix
(NFXL), fell 1.5% to $ 603.82. That would end a three-day winning streak, reducing year-to-date gains to 11%.
Microsoft
(MSFT) is one of the biggest technological players. It was down 2% to $ 283.24, its lowest close since July 21. It’s down 7.6% from its September 16 high, but up 39% from its 52-week November 2, 2020 low.
Apple
the stock was down 2.4% to $ 139,189, down 11% from its September 7 closing high. The stock is still up 28% from its 52-week low, also on November 2 last year.
Overall, only a dozen Nasdaq 100 stocks were up that day. The big tech index was led by
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(TSLA) which rose 0.8%. Its success in delivering vehicles despite chip shortages has been one of the few positive stories to hit the tech news cycle.
Write to Connor Smith at [email protected]
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