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FANG's $60 Billion Wipeout Is Most in One Day Since Facebook IPO

Bloomberg business news
What the Tech Selloff Means for the Broader Market

The hit that FANG lovers are taking today may feel more painful than it looks.

While the 3.7 percent drop in an index tracking Facebook, Amazon, Netflix and Google was the biggest in 21 months, the amount of lost money exceeded any other single day on record. At about $60 billion, the decline in their combined market value is poised to eclipse any since Facebook arrived in public markets.