Tech companies lose billions of dollars as stock markets plummet

Tech companies are not left out of the current hostile stock market environment as stock markets around the world are sinking following concerns over China.

All tech companies are dipping right now, with some suffering from a stark correction. When the stock markets opened, Facebook was down 12.1 percent to $75.62, Apple was down 10 percent to $95.17, Amazon was down 6.4 percent to $463.03, Microsoft was down 5.8 percent to $40.59 and so on.

READ: The most valuable tech company in the world continues to lose stock value

Smaller companies were not left out of the carnage either. Netflix stock opened down 14.7 percent to $88.67 following a few months of great performance. PayPal stock, which only became independent recently, also opened down 9 percent to $31.17. Twitter stock was down 8.9 percent to close at $23.56.

In total, hundreds of billions of market capitalization have disappeared just like that. A lot of these stocks are already recovering from this tough trading day — Apple, for example, is “only” down 3.2 percent now.

Regardless, it’s still quite impressive to see all these public companies in the red region at the same time. Here’s a quick look at the situation 30 minutes after trading started this morning, according to TechCrunch:

Already, China’s stock markets had its worst trading day since 2007 today and Europe followed right after. As you would expect, U.S. stock markets weren’t left out.

That’s why it’s not surprising that tech companies are taking a hit as well. Many analysts have expressed concerns over Apple, for example.

China now represents one of the tech giants most important markets. If the Chinese economy suffers, Apple could end up selling less iPhones than expected. Apple CEO, Tim Cook sent an email this morning to Jim Cramer in order to placate the concerns.