Facebook suffers $230bn wipeout in biggest one-day US stock plunge

With big tech firms like Apple and Microsoft ballooning in valuations in the past few years, they have also become more susceptible to investor whiplash, often resulting in losses worth tens of billions of dollars in a single day of trade. Apple shed nearly $180bn on 3 September 2020, while Microsoft lost $177bn on 16 March in the same year.

Big technology and communications companies played a big role in driving gains for the broader market throughout the pandemic and much of the recovery in 2021, but the market seems to have shifted, said Brad McMillan, chief investment officer for Commonwealth Financial Network.