Tech Down on China, Cryptocurrency Fears — Tech Roundup – MarketWatch
Shares of technology companies fell sharply as traders braced for another leg down in digital-currency markets and Chinese economic activity.
Shares of Apple fell sharply after Bloomberg reported unrest around Foxconn’s contract manufacturing facility in Zhengzhou may cause a production shortfall this year of as many as 6 million Apple iPhone Pros.
Cryptocurrency lender BlockFi filed for bankruptcy, becoming the latest domino to fall in a series of high-profile crypto failures. BlockFi had halted client withdrawals earlier this month after warning that it had significant exposure to collapsed exchange FTX.
Irish regulator the Data Protection Commission fined Facebook owner Meta Platforms about $276 million for failing to adequately safeguard more than half a billion users’ phone numbers and other information from so-called data scrapers.
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Tesla stock is down 48% year to date. Shares are down almost 20% since CEO Elon Musk took over Twitter. Investors are looking for a bottom. They might get some help finding it from Tesla bears.
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