Uncertainty about President-elect Donald Trump’s position on tech is costing Bay Area investors a lot of money. Scott Budman reports.
It’s natural to have some uncertainty about a new President-elect.
But in the case of Donald Trump, it’s costing Bay Area tech investors a lot of money.
Even as the Dow — fueled by bank and energy stocks — hit new record highs on Thursday, tech stocks tumbled. Apple stocks fell 3.3 percent, Amazon 4.3 percent, Google parent Alphabet 3.3 percent, and Facebook 4.7 respectively.
Blame uncertainty. Without knowing where Trump stands on tech, investors are backing away.
“The problem is there really isn’t a clear bridge between Silicon Valley and Trump’s administration," venture capitalist Hemant Taneja of General Catalyst said.
Without the bridge? Worry.
And with worry, comes more selling.
Local
Scott tracks tech on Twitter: @scottbudman
