The collapse of the US tech giants: news by the morning of October 28
The capitalization of US technology giants fell by almost $800 billion, and Elon Musk, as the owner of Twitter, fired the heads of the social network – these and other important news by Friday morning, October 28, in our review.
Over the past week, the biggest tech companies have lost nearly $800 billion in value. Stock market losses widened on Thursday after Amazon (NASDAQ:AMZN) released its fourth-quarter earnings forecast: the company expects earnings of $140 billion, instead of the $155 billion analysts predicted, although usually in This quarter also shows growth due to shopping for the holidays. This resulted in the five largest technology companies — Amazon, Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), Meta (NASDAQ:META) and Microsoft (NASDAQ:MSFT) — being $950 billion less than in beginning of the reporting season (mid-October).
Tesla (NASDAQ:TSLA) CEO, billionaire Elon Musk took over Twitter leadership, Twitter CEO Parag Agrawal and CFO Ned Segal left the company’s San Francisco headquarters and will not return. This is reported by CNBC, citing sources on Twitter. The Washington Post writes that Elon Musk became the owner of Twitter late on Thursday, October 27. Three sources told the newspaper that he fired several top managers of the company, one of the sources said that the deal to acquire the social network for $44 billion was closed.
Mark Zuckerberg’s net worth fell $11 billion in a day after Meta’s shares plummeted by almost a quarter on Thursday amid a report of lower revenues. As of the morning of October 28, Zuckerberg’s fortune is estimated at $ 36 billion, the billionaire has dropped from 25th to 29th place in the list of the richest people in the world, according to Forbes Real-Time data.
Inflation in Turkey by the end of 2022 may increase from 60.4% to 65.2%, said the head of the country’s Central Bank Sahap Kavcioglu, Reuters reports. The head of the department noted that the Turkish Central Bank was “not very successful” in curbing price increases. The increase in the forecast was already the fourth this year, the agency notes.