Market values ​​of technology companies are bleeding

Investors’ concerns about the economic slowdown caused the world’s giant technology companies to lose value. Factors such as rising inflation rates, Covid-19 lockdown restrictions in China and the ongoing war in Ukraine are putting pressure on investors.

The tech-heavy Nasdaq Composite Index fell 3.95% on Tuesday. This is the lowest closing level since 2020.

Sharp decline in Tesla

Google’s parent companies Alphabet and Microsoft tumbled more than 3%. Netflix shares fell about 5.5%. The digital streaming service shocked investors last week by announcing that it lost subscribers for the first time in 10 years.

Apple shares fell 3.7 percent. Nvidia fell 5.6%, while AMD’s market cap fell 6.1%. Tesla’s shares fell 12% after social media platform Twitter accepted Elon Musk’s takeover offer.