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"I still love Amazon amidst the rest of what's happening in the FAANG stocks here," he said on "Squawk Alley."
FAANG is a group of the nation's biggest tech companies, including Facebook, Amazon, Apple, Netflix, and Google parent Alphabet. Those stocks, all in bear market territory, have collectively shed more than $1 trillion in market value since they hit 52-week highs.
Facebook has been the biggest loser of the bunch, down about 25 percent year to date. In addition to market forces, the social network has recently been reeling from a New York Times investigation into its handling of Russian interference in the 2016 presidential election. Netflix leads the class, still turning in gains of more than 35 percent year to date followed by Amazon up nearly 30 percent; Apple up 4.6 percent; and Alphabet down about 2.2 percent.
The Nasdaq Composite, which is loaded with tech stocks, fell further into correction territory Tuesday, closing down 1.7 percent. The dropped 1.8 percent and into a correction, down 10.2 percent from its 52-week high.
Costolo, who led Twitter from 2010 to 2015, thinks Amazon has been "thrown in the mix." The Seattle-based company is down more than percent from a 52-week high, which was set prior to October's big sell-off.
"I know that the stock was down on sort of forecasting some retail weakness, but it's hard to imagine that company doesn't continue to do extremely well, " said Costolo, a partner at the venture capital firm, Index Ventures. "AWS, Amazon Web Services, is just a cash machine." AWS is Amazon's cloud business, which grew 46 percent in the third quarter.
— CNBC's Michael Sheetz contributed to this report.