ou've probably heard of the high-flying Big Tech FAANG stocks, Facebook, Amazon, Apple, Netflix, and Google. Among the five of them, their market cap reached $6 trillion last year, which is more than the GDP of all but a small handful of entire countries. Moreover, their net worth is larger than the entire annual output of India, with more than 1 billion people.
Its share price collapsed by 35% in one day. This was one of the most significant single-day sell-offs in the history of stocks. For now, the rout doesn't seem to be waning. Over the past year, Netflix's market cap has tumbled from $650 billion to close to $200 billion. Companies such as Google better look over their shoulders. If you slip up, the marauders are coming to steal away your market share. Sometimes, the raiders aren't even American companies. Globalization and free trade have dramatically lowered the prices of nearly all digital products.