Alphabet Has Its Worst Day on the Stock Market Ever: Market Cap Plummets by $500 Billion

Shares of Alphabet, Google’s parent company, fell by more than 12.3% on October 29. According to Dow Jones Market Data, this was the worst one-day drop since the company went public. The drop wiped out about $500 billion in market value, according to The Wall Street Journal.

A sell-off in Alphabet shares exacerbated the decline in the Nasdaq Composite Index, which closed the day down 1.4%. The broad-market S&P 500 index and the blue-chip Dow Jones Industrial Average both fell 0.3%.

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