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Tech giants who suffered huge losses in July 2018

The month of July happens to be a very bad month for many tech giants and I’m very sure almost all the affected companies can’t wait for the month to just go away forever. The loss they incurred was huge and massive, running into billions and billions of dollars. From Facebook, to Google, Amazon, etc all suffered one bad fate or the other that had wiped billions of dollars of clean off. As for Facebook, it was the worst month ever as the tech giant was facing attacks from all angles ranging from data leaks, accusations of allowing the spread of fake news, law suits etc but one thing we know for sure is they will bounce back.

  1. FACEBOOK $120 billion (Biggest loss in US history)

It was a monstrous disaster, Facebook lost as much as 23 percent of it’s shares in the largest single day loss ever recorded in the history of the United States. As for Mark Zuckerberg who is the highest shareholder, he lost almost $17B of his personal fortune, a loss than would have sent Africa’s richest man Dangote packing straight to his village.

2. GOOGLE $5 billion

I know this is not as bad as that of Facebook but it’s still bad. The European union slammed Google with a record $5 billion fine for abusing it’s Android OS and other unfair practices such as forcing phone makers to install Google Apps like Chrome, YouTube, etc and destroying competition. Google is however appealing the fine but from all indication, they might end up paying up thereby putting a $5 billion hole in their pockets.

3. TWITTER $5 billion

Twitter began a massive clampdown on fake, suspicious and dormant accounts, deleting almost 70 million accounts and causing a drop of 1 million users following its action to delete fake and offensive accounts. This move caused the shares of Twitter to plunge  by 20%, as a result $5bn (£3.8bn) has been wiped off the market value of Twitter. Donald Trump himself is not helping matters as he has been using Twitter to threaten other countries.

4. TESLA $2 billion

The Thailand football team stuck inside a flooded cave  generated a lot of attention all over the world and most people offered to help in one way or the other. Among them was the CEO of Tesla Elon Musk who offered to build a kid-sized submarine that could go straight into the cave and rescue the team. Little did he know his good gesture would end up so badly as he ended up insulting a British diver who helped rescue the boys a pedophile. That insult caused Tesla share to drop heavily causing the company $2 Billion. Share holders had to force Elon Musk to apologize and delete the insulting Tweets which he did.

5. Amazon $100 million

Amazon organized its biggest sale event of the year The Amazon Prime Day, shortly after the website experienced glitches and downtime to the extent that it could not make a single sale for over 1 hour. Although the company eventually fixed the errors, the downtime caused Amazon to  lose over $100 million according to Business Insider .

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