Even as the tech behemoths steal and sell our data, spy on our browsing habits, and censor certain content and viewpoints, they are taking a bath on Wall Street, having lost a king's ransom in total value in recent days as Joe Biden's terrible economic policies tank the stock market.
According to a report by CNBC:
The world’s largest technology companies have shed over $1 trillion in value in just three trading sessions.
Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy.
Investors now have less interest in what drove business during a strong bull market in recent years, including during the pandemic, and are now pushing more money toward safer pockets of the market, including staples like Campbell Soup, General Mills and J.M. Smucker.
The world's most valuable public company, Apple, lost $220 billion in market value since trading closed last week, the day Federal Reserve Chairman Jerome Powell finally admitted that Bidenflation is way too high and there currently were no plans for a hike in the base lending rate of more than one-half percent.
Initially, the markets moved upward following Powell's remarks, but that optimism did not last: Stocks fell again on Thursday and Friday, and then again on Monday.
"The S&P 500 U.S. stock index fell below the 4,000 mark on Monday, having declined by 7% since Wednesday’s close, while the Invesco Nasdaq 100 ETF is off by nearly 10% during the same period," CNBC reported adding a list of other major tech stock trading losses over the same three-day period:
- Microsoft has lost around $189 billion in value.
- Tesla’s markdown registers at $199 billion, months after seeing its valuation fall below $1 trillion.
- Amazon’s market capitalization has declined by $173 billion.
- Alphabet, Google’s umbrella company, is worth $123 billion less than it was last week.
- Graphics card maker Nvidia’s loss stands at $85 billion.
- And Facebook parent Meta Platforms has lost $70 billion in value.
The economic situation in the country has gotten so bad that even the richest among us are starting to lash out at Biden.
Amazon founder Jeff Bezos took whoever runs Biden's Twitter account to task over a blatantly false statement about why inflation is so high.
“You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share," the Biden account tweeted.
Bezos responded: "The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection."
The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection. https://t.co/ye4XiNNc2v
— Jeff Bezos (@JeffBezos) May 14, 2022
The Marxist class warrior who tweeted that tidbit of insanity wants to ensure that more Americans know Amazon did not pay any federal income taxes in 2017 and 2018. But Amazon paid a mountain's worth of other taxes, including payroll, Social Security, and sales and other taxes. Also, Amazon did not violate any federal tax laws; the company literally follows the laws that Congress passes as well as the rules the IRS implements, so if no federal taxes were paid, it's the government's fault, not the fault of Amazon or any other corporation that hires tens of thousands of people.
The fact is, Biden is a figurehead; the Marxists and socialists running his regime are ruining our country.
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