Big Tech has lost $278 billion in stock-market value since the Facebook data-harvesting revelations two weekends ago, per the Financial Times (subscription):
By the numbers: Facebook: $75 billion ... Amazon: $61 billion ... Apple: $54 billion ... Alphabet, parent of Google: $62 billion ... Microsoft $26 billion.
"Investors have been nervous for months that the growing political backlash against Big Tech would lead to a new wave of regulations or taxes, though they did not have anything specific to attach their fears to. Now they do," the Financial Times reports:
Behind the curtain ... A tech company's chief Washington lobbyist says that in group discussions with tech execs, "everyone says, ‘We have to stick together.' But then everyone goes out there and says, ‘It’s Facebook’s problem, not ours.'"
