Amazon, Tesla, Netflix, Facebook, Google and Twitter stocks dropped this week
It’s been a bad week to be a tech company.
Major tech stocks are down this week. Amazon, Tesla, Netflix, Facebook, Google and Twitter have all taken a dive for various reasons.
Tesla plummeted 15 percent after the National Transportation Safety Board announced it was investigating a fatal crash that happened on March 23 in California. It is not yet known if the vehicle was operating in Tesla’s autonomous mode, which led to a fatal crash in 2016.
Amazon is down 5 percent after a report said that President Trump has a “deep-seated antipathy toward Amazon” and might want the e-commerce giant to pay more in taxes, or find a way to break it up.
Facebook’s stock is at an eight-month low after the Cambridge Analytica data privacy scandal, which could lead to regulation of the social network. At least three different congressional committees have asked CEO Mark Zuckerberg to testify on how Facebook protects user data.
Twitter’s stock is down about 8 percent this week for several reasons, including the prospect that Twitter might also be summoned to Washington about its data practices. Short seller Citron Research said Tuesday it was concerned with how important Twitter’s data licensing business, Gnip is to its bottom line.
Netflix and Google are also down, 5 percent and 1 percent, respectively.
Apple’s stock was hurt by lowered analyst forecasts for iPhone sales but, as of publication, Apple stock was up for the week.