US energy behemoth ExxonMobil and banking giant Wells Fargo topped Forbes' list of biggest losers this year, losing $120 billion and $100 billion in capitalization respectively on the US stock market in 2020
MOSCOW (Pakistan Point News / Sputnik - 29th December, 2020) US energy behemoth ExxonMobil and banking giant Wells Fargo topped Forbes' list of biggest losers this year, losing $120 billion and $100 billion in capitalization respectively on the US stock market in 2020.
Hit hard by the coronavirus pandemic and its economic fallout, the two companies have seen their worth plummet despite a 15 percent overall growth in the stock market this year.
US telecommunications provider AT&T, energy firm Chevron and aircraft manufacturer Boeing closed out the top five biggest losers, shedding $74 billion, $68 billion and $61 billion in market value respectively.
According to Forbes, ExxonMobil had to devalue its natural gas properties in North and South America by almost $20 billion but will likely need to take on debt to keep paying investors dividends.
Wells Fargo was already embroiled in a fraud scandal before the pandemic set in and has since become the worst-performing multi-billion Dollar firm on the stock market. It will likely need to cut more jobs that earlier announced in order to deal with the burdensome regulatory pressure and fines, the publication posited amid the pandemic.
ExxonMobil and Wells Fargo represent the two most heavily affected industries on the stock market, which owes its overall growth to strong showings from tech and media giants.
