Amazon Loses $53 Billion in Market Value, Becoming FAANG's Biggest Loser

Amazon sinks after report that Trump is ‘obsessed’ with firm
Facebook had underperformed the FAANG companies for weeks

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Benjamin Mandel of JPMorgan Asset Management and Bloomberg’s Elena Popina discuss the fall of Facebook stock.(Source: Bloomberg)

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By Elena Popina and Kamaron Leach

March 28, 2018 at 6:08 PM UTC

Updated on

March 28, 2018 at 8:49 PM UTC

This article is for subscribers only.

Move over, Facebook. U.S. investors have a new punching bag among the FAANGs: Amazon.com, Inc.

Facebook Inc. gave up the top loser spot to Amazon.com, which lost $53 billion in market value on Wednesday after Axios reported that President Donald Trump is “obsessed” with regulating the e-commerce behemoth. The social media giant had previously underperformed the tech megacap group amid concern over the company’s handling of its users’ personal information.

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