Facebook stock price tanked nearly 5% on Monday, extending losses to 15% in the last one month. Other technology stocks mirrored the fall with Amazon falling nearly 3%, followed by Apple, Microsoft, and Google. The fall in Facebook’s stock price erased more than $6 billion of Mark Zuckerberg’s wealth while Amazon’s stock price falling resulted in Jeff Bezos becoming poorer by $4.83 billion in one day. Technology stocks were under pressure on Wall Street as investors gauged concerns around higher inflation and higher interest rates.
Facebook shares price dives
While Mark Zukerberg-controlled Facebook, Whatsapp, and Instagram stopped working in most countries across the globe, the share price of Facebook tanked to hit a low of $322 per share. On closing the stock price was down at $326 apiece, falling 4.89% in one day. With the falling stock price, Mark Zukerberg’s wealth dropped to $122 billion. So far this year, Mark Zuckerberg has added $18.1 billion to his wealth, now sitting at the 5th spot in the Bloomberg Billionaires Index.
The Facebook stock price has been under pressure recently. Since September 7, the stock price has slipped 15% from $382 per share to now sit at $326 per share. The stock has also battled reports that suggest the company knew that Instagram, a social media network owned by Facebook, causes mental stress to certain users.
Amazon Stock trades flat year-to-date
Accompanying Facebook was Jeff Bezos’ Amazon. The technology and retail giant crashed nearly 3% on Monday, turning negative year-to-date at one point during the day’s trade. Amazon’s share price closed 2.85% lower at $3,189 per share. Amazon’s stock price has seen volatility in 2021. On a year-to-date basis, Amazon is now flat with a positive bias.
With this fall in stock price, Jeff Bezos, the second richest man on Earth became poorer by $4.38 billion. Bezos’ total net worth now stands at $186 billion, sitting behind Tesla’s Elon Musk with $211 billion net worth. So far this year Jeff Bezos has seen his net worth slip $4.58 billion.
FAANGM stocks down
Apart from Facebook and Amazon, other FAANGM stocks were also down with losses on Monday. Apple’s share price fell 2.46% to trade at $139.14 per share. In the last one month, Apple’s stock has dropped 11.2%. Netflix share price slipped 1.6% to settle at $603 per share. Internet behemoth Google’s parent company Alphabet was down 2.11% at $2,673 apiece, extending losses in the last one month to over 7%. Microsoft share price was also down in the red, falling 2.07% on Monday.