So far in the third quarter of 2022, the entire tech industry has taken a beating this year, with the backdrop of rising inflation levels, reduced ad spending, investors dumping shares and macroeconomic headwinds.

Big Tech companies including Alphabet, Microsoft, Amazon, and Meta amongst others are seeing a slowdown in revenue growth in their financial reports released for the 3rd quarter of 2022, with only Apple recording a sizeable YoY growth beating analysts' estimates. This revenue slowdown has weighed heavily on the market capitalization of these companies in the past year, especially Meta.

Meta's stock plunge has far outpaced the overall sector, with its shares going down 67% from a year earlier compared with the tech-heavy Nasdaq's 31% slide over the same period. Meta's plunge translates into an eye-popping loss of about $700 billion in market value, as it sank to $268 billion, down from more than $1 trillion in September of 2021.

The company has made daring investments in the Metaverse, the AI and Virtual Reality environment that bets would be the future of modern technology, since it rebranded from Facebook a year ago, with capital expenditure jumping from $17 billion to $27 billion, and set to rise to $33 billion next year. This really is an all-in bet, which could pay off in spectacular fashion or not.

Falling share prices as investors continue to pull out after discouraging Q3 figures with an outlook 0f even increased spending going into the future and slowing revenue growth driven majorly by a decrease in ad spending as competition increases from other social media rivals, may just be the perfect cocktail for Meta market capitalization to continue southbound, until Metaverse, its current biggest investment begins to make reasonable profit to sustain the tech giant.

Here are some of the other tech companies that have suffered the biggest dump in 2022

Snapchat - lost 78% in valuation in 2022 alone, the company hit its peak of over $131 billion in September 2021 and has declined in just a little over a year to an abysmal $16 billion.

Coinbase - lost 69% of its total market valuation in 2022, as its stocks plunged, hitting lows of $16 billion from $54 billion at the beginning of the year.

Netflix - saw its stock rise during the peak of the pandemic, seeing a growth of up to double from the previous year, its stock tumbled drastically in 2022, hit by less consumer spending and its pull out from Russia due to the geopolitical tension in the region and global economic slowdown.

Sea Ltd - the digital entertainment and e-commerce company currently valued at $27 billion, has lost more than $100 billion since the beginning of 2022 after its shares plummeted on reports that India had abruptly banned its most popular mobile gaming title, Garena Free Fire, along with 53 other apps linked to China.

Big Tech companies globally continue to hunker down in the face of a global economic slowdown and an impending economic recession.

News of hundreds of layoffs and a halt in hiring in big tech companies continue to rave in the media. However, the outlook from market analysts suggests that the economic slowdown is expected last into early 2023, and pick up later in the same year.