The $12 trillion that vanished

It’s one thing when Tesla’s stock keeps tanking. Elon Musk, the inventory glut, EV demand faltering, blah, blah, blah. But Apple? The most successful company of the 21st century? Its shares slid to a new 52-week low again this morning, around $127. That’s a 30% drop from the highs this year. The company is now worth barely over $2 trillion, down from $3 trillion at its January peak.

So that’s a trillion dollars of Apple wealth that has vanished this year. Tesla? Nearly another trillion. In fact, if you include Tesla with the rest of “big tech,” (Apple, Amazon, Alphabet, Microsoft, Meta) that’s a loss of nearly $5 trillion in value, just this year. A mind-boggling sum. It’s amazing there haven’t been more blow-ups as a result.

And that’s not all! The S&P 500 as a whole has lost $8 trillion, and the rest of the smaller publicly traded U.S. stocks another $2 trillion, according to analyst Howard Silverblatt and our own Robert Hum. Oh, and let’s not forget crypto! A year ago, the asset class (if you want to call it that) was worth more than $3 trillion. Today, it’s just over $806 billion. So between the stock market and crypto, we’ve lost more than $12 trillion of wealth in about twelve months’ time. Wow.

https://www.cnbc.com/2022/12/28/kelly-evans-the-12-trillion-that-vanished.html