Facebook and Google parent company Alphabet are both down for the year. While Facebook turned negative a few months ago, Alphabet became the second major tech company to go negative on Monday.
Tech stocks overall were hit hard Tuesday as the Nasdaq Composite Index slid another 0.6 percent. Facebook and Alphabet are just two of the companies that make up the group of large tech stocks commonly known as FAANG, which also includes Amazon, Apple and Netflix. Collectively, the FAANG stocks lost over $1 trillion in value Tuesday compared to recent highs.
Still, the three other FAANG stocks hung onto their gains for the year. As of Tuesday, Amazon was up 30 percent year to date, Apple was up over 6.5 percent and Netflix was up 41 percent.
Year to date, Facebook was down more than 24 percent and Alphabet was down more than 2 percent as of Tuesday morning. The year has been tumultuous for Facebook, which has faced a series of scandals involving misinformation on its platform and questions over data privacy. Google employees walked out of offices around the world earlier this month when a New York Times investigation said the company had paid out a $90 million exit package to a former executive who was accused of sexual misconduct.
