In the second quarter, investors lowered the valuations of the world's largest technology companies as central bankers raised interest rates.
The broad S&P 500 index fell 5% in the first quarter, with big technology names becoming less valuable due to Russia's invasion into Ukraine. The situation got worse in the second quarter as the Federal Reserve started to raise rates. While the S&P dropped another 16%, the technology-laden index fell 22%.
The S&P 500 fell to its lowest first half of the year since 1970 on Thursday.
The electric-vehicle maker's stock plummeted in the third quarter, its largest decline since its IPO. The CEO of the company made a proposal to acquire the company.
The drop in Amazon stock was the largest since 2001. Revenue growth slowed in the first quarter as the company's earnings fell short. Dave Clark, the CEO of Amazon.com's worldwide consumer business, resigned in June. He will be the CEO of Flexport in september.
The quarter was the worst since the fourth quarter of 2008. Since the second quarter of 2010, Microsoft shares have declined.
Apple's stock fell 22% in the second quarter, its worst performance since the fourth quarter of last year, when the stock market suffered a steep selloff.
The stock of Meta Platforms, the parent company of Facebook, fell more than 27% after changing its ticker symbol to reflect its new corporate identity. The value of the stock fell by 34% in the first quarter. The number of daily active users on Facebook had decreased for the first time.
Drugmakers Eli Lilly and Merck, cereals manufacturer Kellogg, and discount retailer Dollar General all posted gains in the quarter.
A lot of names will never recover in growth tech.
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