Move Over Facebook: Tencent's $143 Billion Rout Is World's Biggest Equally Tech Sinks

From Bloomberg:

July 30, 2018, 9:04 PM PDT Updated on July 31, 2018, 2:12 AM PDT

If you lot idea the slump inwards U.S. applied scientific discipline stocks was bad, induce got a await at Tencent Holdings Ltd.

The Chinese Internet giant has tumbled 25 per centum from its Jan peak, erasing nigh $143 billion of marketplace rank value. That’s the biggest wipeout of shareholder wealth worldwide, equally measured from the appointment of each stock’s 52-week high. Facebook Inc., the F inwards the FANG block of mega-cap U.S. tech shares, is the second-biggest loser amongst a $136 billion slump over the past times 3 trading sessions.

Investors approximately the footing are kickoff to enquiry whether the best days are over for applied scientific discipline stocks -- the leaders of a nine-year nail inwards global equities. Tencent, Asia’s second-largest companionship later e-commerce behemoth Alibaba Group Holding Ltd., has equally good been dogged past times describe of piece of occupation concern that increase inwards its mobile-gaming unit of measurement is slowing. The stock, downwardly 3.3 per centum on Tuesday together with 9.8 per centum inwards July, capped its biggest monthly retreat since 2014....MORE