Fang Fortress Rattled as Facebook Takes Biggest Hit Since Crisis
- Social network drops more than 8% after advertisers defect
- Group of megacap tech firms fall most since mid-March
Photographer: Justin Sullivan/Getty Images
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At record highs on Tuesday, the popular group of megacap tech stocks known as the Fangs is ending the week with the worst plunge since the depths of the Covid crash.
While intermittent stumbles have been a regular feature of the broad market during the recovery phase, ones involving its core constituency of the biggest online companies have been all but unheard of. The group’s automated, algorithmic, stay-at-home moat has insulated them from day-to-day ups and downs, making them a central holding of hedge funds and other institutions who have shied away from retail favorites in the airline and hospitality industries.