The price of Nasdaq stock has dropped for a third day after news that it will sell off its shares to raise funds for the Australian government

Nasdaq shares plunged on Monday, with the shares down nearly 20 per cent in the first quarter of the year.

It had risen by more than $30 a share in the past 12 months.

The Nasdaq has seen its share price fall more than 80 per cent over the past decade, and in 2017 the market’s main trading volume fell by about a third.

In January 2017, the Nasdaq’s shares were up by about 60 per cent and in August of that year it was up by more.

On Tuesday, Nasdaq said it would sell off the shares, which include a majority stake in online shopping portal Amazon.com.

AAP/ABC News 7:20 Amazon, Apple to sell off some of their holdings to raise funding for Australia’s government.

Amazon, which has more than half a billion customers around the world, said it had sold its stake in its online retailer Amazon Prime and would sell its stake to fund a $100 million public-private partnership to build a massive digital library of Australian music and film.

“Amazon’s Prime Music program has been an incredible success, delivering millions of new Prime customers a day,” Amazon Australia’s CEO Dave Karp told the ABC.

“We are excited to partner with Australian Music Fund to support the creation of this world-class library, which will also create jobs and help Australian artists become more globally recognised.”

In a statement, Amazon said it planned to keep its Prime Music service, which it says has attracted more than 50 million new users.

Amazon Prime Music is available in Australia and Canada.

Apple, which is a member of the NasDAQ’s main stock market, has said it will invest $1 billion in the Australian public library.

AP/ ABC News 7.30 will be bringing you more from Australia in 2018.

The ABC’s Matt Lawler reports from Sydney.

Topics:government-and-politics,business-economics-and

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