Dick Costolo, former CEO of Twitter, told CNBC on Tuesday that Amazon is his preferred pick among slumping tech stocks.

"I still love Amazon amidst the rest of what's happening in the FAANG stocks here," he said on "Squawk Alley."

FAANG is a group of the nation's biggest tech companies, including Facebook, Amazon, Apple, Netflix, and Google parent Alphabet. Those stocks, all in bear market territory, have collectively shed more than $1 trillion in market value since they hit 52-week highs.

Facebook has been the biggest loser of the bunch, down about 25 percent year to date. In addition to market forces, the social network has recently been reeling from a New York Times investigation into its handling of Russian interference in the 2016 presidential election. Netflix leads the class, still turning in gains of more than 35 percent year to date followed by Amazon up nearly 30 percent; Apple up 4.6 percent; and Alphabet down about 2.2 percent.

The Nasdaq Composite, which is loaded with tech stocks, fell further into correction territory Tuesday, closing down 1.7 percent. The dropped 1.8 percent and into a correction, down 10.2 percent from its 52-week high.