Painful change of situation for the great beneficiaries of the pandemic: Top 50 most…

Fifty corporations that have gained significantly from the coronavirus pandemic have lost about $1.5 trillion in market value since the end of 2020, as investors turn their backs on many stocks that exploded during early crashes, writes the Financial Times.

According to S&P Global data, technology groups dominate the list of 50 companies with a market value of more than $10 billion that recorded the largest percentage gains in 2020.

But these “pandemic gains” have collectively lost more than a third of their total market value, the equivalent of $1.5 trillion, since the end of 2020, according to Financial Times calculations based on Bloomberg data.

Video conferencing company Zoom, whose shares have soared as much as 765% in 2020 as businesses shift to remote work, was one of the biggest losers. Its shares have fallen about 80%, equivalent to a drop of more than $77 billion in market value, since the end of that year.

Cloud-based communications company RingCentral also soared in the telecommuting boom of 2020, but has since lost about 90% of its value.

Exercise bike maker Peloton was also among the biggest losers, with shares down more than 97% since the end of 2020, equivalent to a loss of about $43 billion in market value.

Peloton announced Thursday that Chief Executive Barry McCarthy will step down and cut 15% of the company’s workforce.

The losses come as the sudden acceleration of trends such as video conferencing and online shopping, driven by the shock onset of the pandemic, has proved less sustainable than expected as more workers return to the office and high interest rates and costs of living affects the demand for e-commerce.

“Some companies probably thought the shock would be permanent,” said Steven Blitz, chief U.S. economist at TS Lombard. “Now they’re having a painful reality check.”

In percentage terms, Tesla was the biggest gainer of 2020. The electric carmaker’s market value rose 787% to $669 billion at the end of December of that year, but has since fallen back to 589 billion dollars.