Tech's 3-week sell-off, led by Tesla, wipes out $2.7 trillion in value from megacaps

Less than two months ago, the tech industry's top leaders flocked to Washington, D.C., for the presidential inauguration, part of an effort to strike a friendly tone with President Donald Trump after a contentious first go-round in the White House. Thus far, they've avoided any nasty social media posts from the president. But their treatment by investors has been anything but warm. Over the last three weeks, since the Nasdaq touched its high for the year, the seven most valuable U.S. tech companies — often called "the Magnificent Seven" — have lost a combined $2.7 trillion in market value. The sell-off has pushed the Nasdaq to its lowest level since September. As of Thursday, the tech-heavy index was down 4.9% for the week, heading for its worst weekly performance in six months. If it ends up down more than 5.8%, it would be the steepest weekly drop since January 2022. Sparking the downdraft was Trump's promise to slap high tariffs on top trading partners, including China, Mexico a ... Read full article.