Amazon Loses $53 Billion in Market Value, Becoming FAANG’s Biggest Loser
From Elena Popina and Kamaron Leach at Bloomberg:
Move over, Facebook. U.S. investors have a new punching bag among the FAANGs: Amazon.com, Inc.
Facebook Inc. gave up the top loser spot to Amazon.com, which lost $53 billion in market value on Wednesday after Axios reported that President Donald Trump is “obsessed” with regulating the e-commerce behemoth. The social media giant had previously underperformed the tech megacap group amid concern over the company’s handling of its users’ personal information.
The FAANG stocks, once assumed to be a monolith of performance, have suffered degrees of decoupling recently, including the outperformance by Netflix Inc. earlier in the year.
Amazon.com fell as much as 7.4 percent Wednesday before paring some losses to close 4.4 percent lower after a Stifel Nicolaus & Co. analyst said the weakness created a buying opportunity. Facebook diverged