The five biggest firms in Silicon Valley have been hit hard by President Donald Trump’s order to ban immigrants and refugees from entering the USA.
The executive order signed on Friday sent the market cap of Apple, Alphabet, Microsoft, Amazon and Facebook plummeting by $32 billion on the S&P 500 index on Monday.
This massive canyon was created by investors who fear that Trump’s policy could affect the workforce of these massive tech firms, reports Fortune.
The value of shares in the largest tech firms also fell. Apple’s share price fell 0.67%, Alphabet 2.6%, Amazon 1%, Facebook 1.4% and Microsoft 1.3%.
Collectively the value of these shares represent $2.4 trillion in market cap.
Tech firms have heavily opposed Trump’s decision. Google has set up its largest crisis fund ever in the face of the ban and expressed concern about how the ban could affect its employees and families.
Tesla chief executive officer Elon Musk, also opposed the order saying that a blanket ban, “is not the best way to address the country’s challenges.”
This is week two of Donald Trump’s four year term as president and if the last few days are anything to go by, it’s going to be a bumpy ride for everybody.[Image – CC BY 2.0 Kevin Doncaster]