Amazon Loses $53 Billion in Market Value, Becoming FAANG's Biggest Loser

Amazon sinks after report that Trump is ‘obsessed’ with firm
Facebook had underperformed the FAANG companies for weeks

Benjamin Mandel of JPMorgan Asset Management and Bloomberg’s Elena Popina discuss the fall of Facebook stock.(Source: Bloomberg)

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By Elena Popina and Kamaron Leach

March 28, 2018 at 6:08 PM UTC

Updated on

March 28, 2018 at 8:49 PM UTC

This article is for subscribers only.

Move over, Facebook. U.S. investors have a new punching bag among the FAANGs: Amazon.com, Inc.

Facebook Inc. gave up the top loser spot to Amazon.com, which lost $53 billion in market value on Wednesday after Axios reported that President Donald Trump is “obsessed” with regulating the e-commerce behemoth. The social media giant had previously underperformed the tech megacap group amid concern over the company’s handling of its users’ personal information.