The tech sector experienced a sell-off on Monday, with the values of the major tech nameplates including Facebook, Google, Apple, Microsoft and Amazon firmly in the red.
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This comes amid critique of how a third-party saved customer data from Facebook while news that the European Union might implement a revenue tax on tech companies added extra downside impetus.
The Nasdaq has been the top performer of the major U.S. stock indexes so far this year, adding almost 6% whereas Monday’s stock sell-off pushed the Dow into negative territory for the year. The S&P 500 is up about 1% for the year.
The share collapse has eroded billions of dollars off the market capitalizations of the major tech companies. Losses for Facebook, Microsoft, Alphabet, Apple, Netflix and Amazon had shaved over $117 billion of their valuations, Monday afternoon, compared to Friday’s close, according to FactSet data.
According to Bloomberg, Mark Zuckerberg’s wealth declined by $3.8 billion on Monday.
On Friday, Facebook reported that Cambridge Analytica, a data company known for its work on Donald Trump’s campaign, had misused Facebook customer data.
Meanwhile, according to Reuters, the European Commission has proposed large companies with significant digital revenues could face a 3% tax.