The total market value of the global equity market at the end of 2021 was $122 Tn. US equities accounted for $42Tn. And within US equities, roughly a third of the companies belong to the tech sector. The 6 biggest companies, pictured below, have lost a combined $5Tn of market cap this year, approximately 10% of the total market value of the U.S. equity market. To put this in perspective vs shares repurchased last year, the total value of announced buybacks in 2021 was $880Bn. The market would need 5 years of peak buybacks to repare the damage caused by this year’s bear market.
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Source: Bespoke investments group
