4 big technology companies lose $1 trillion due to coronavirus

4 big technology companies lose $1 trillion due to coronavirus

- The coronavirus had wiped out the value of stocks of four of the biggest technology companies in the world

- The affected companies are Microsoft, Apple, Google's Alphabet and Amazon

- The companies have cumulatively lost about $1.3 trillion since February 2020

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Four of the biggest technology companies in the world have lost a total of $1.3 trillion since February 2020

Referred to as MAGA by United States president, Donald Trump, the companies are Microsoft, Apple, Google’s Alphabet and Amazon.

The companies lost their stocks as the markets continue to be upset by the coronavirus

READ ALSO: Coronavirus: Chief Imam urges Muslims to pray in their homes

Business Insider reports that each of the companies has boasted of a market value of more than $1 trillion at one point in time.

At present, only Microsoft and Apple can boast of a market value of $1 trillion or more.

Of the four, Microsoft was hit the hardest as it lost almost 27% of its worth - an estimated $405 billion from its market value.

Apple has also lost over 25% of its stock which translates to about $372 billion and Alphabet shed almost 30% of its value, translating into an estimated $311 billion.

Amazon’s performance was adjudged the best of the four, as it lost almost 21% which is estimated to be $239 billion in market value.

It does not end there for the business community, as the coronavirus outbreak has led to a slowdown of economic activities all over the world.

Meanwhile, Briefly.co.za reported that the world’s biggest gold and platinum mines, both located in South Africa, are gearing up to limit the infection of the coronavirus.

The coronavirus has already disrupted economic activities all over the world and could cause further challenges in places where people operate in close proximity.

Mining firms such as Anglo American Platinum Limited and Sibanye Stillwater Limited have implemented a variety of measures such as temperature checks of employees and availability of services to determine one’s HIV status.

Bloomberg.com reports that the companies are also distributing flu shots and overhauling medical examinations.

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Source: Briefly.co.za

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