Big Tech Loses $56 Billion in Market Cap After Trump’s UN Speech
- Investors see signals that a regulatory crackdown is coming
- Trump said social media platforms acquiring ‘immense power’
Donald Trump speaks during the UN General Assembly meeting in New York on Sept. 24.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
U.S. President Donald Trump’s address to the United Nations General Assembly helped knock $56 billion off the value of some of the biggest technology companies.
The combined market cap of FAANG stocks -- made up of Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc., and Google parent Alphabet Inc. -- tumbled after Trump made negative remarks about the growing power of social media platforms, a signal to some investors that the industry could soon face extra scrutiny from federal antitrust regulators.