[News] Worldwide Markets Feel Jolt of Tencent's Epic $143 Billion Stock Crash

https://www.techpowerup.com/246416/w...on-stock-crash

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Tencent Holdings, China's second most valuable tech firm after Alibaba, was mauled at the markets Tuesday (31/07), with its share value dropping 25 percent from its January peak. This translates to a stunning USD $143 billion (yes, billion) in investor wealth being wiped out. The crash has had a domino effect on tech stocks worldwide, as FANG block member Facebook lost an equally stunning $136 billion in market value, over the past three trading sessions. Apparently, buzzwords of the season such as AI and big-data aren't proving enough to keep investors interested in tech stocks as many are beginning to question the stability of the tech industry. All eyes are now on Tencent's August 15 release of its Q2-2018 financial results.

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I think there's a lot of overreaction and hedge funds making money of short selling going on. I don't think ordinary investors actually have the capital to make these types of movements. Long term, tech still seems very promising.