Facebook and Google parent company Alphabet stocks are now down for the year. While Facebook turned negative a few months ago, Alphabet became the second major tech company to go negative.
Tech stocks overall were hit hard Tuesday as the Nasdaq Composite Index slid another 1.7 percent. Facebook and Alphabet are just two of the companies that make up the group of large tech stocks commonly known as FAANG. The others are Amazon, Apple and Netflix. On Tuesday, the FAANG stocks lost more than $1 trillion from their recent highs, but recovered slightly to $991 billion by market close.
Still, the three other FAANG stocks hung onto their gains for the year. As of Tuesday, Amazon was up nearly 28 percent year to date, Apple was up 4.6 percent and Netflix was up nearly 39 percent.
Facebook was down nearly 25 percent this year and Alphabet was down 2.2 percent as of Tuesday. The year has been tumultuous for Facebook, which has faced a series of scandals involving misinformation on its platform and questions over data privacy. Google employees walked out of offices around the world earlier this month after The New York Times reported that the company had paid out a $90 million exit package to a former executive who was accused of sexual misconduct.
Clarification: This story was revised to clarify the timing of the decline of more than $1 trillion in market value for FAANG stocks.
