Apple stock drop makes history with $179B loss
Apple retains its $2T crown despite the slide
Just a few months ago Apple made history in becoming the first U.S. company to capture the $2 trillion value crown.
APPLE BECOMES FIRST $2T U.S. COMPANY
On Thursday, the company captured another record, this time for its falling share price which amounted to the biggest market cap drop for a U.S. listed company ever.
Photo Credit: iStock
The stock lost over $179.92 billion in market value or 8%, which equates to $10.52. That drop is larger than the individual market caps of 470 of the S&P's 500 companies, as tracked by Dow Jones Market Data.
APPLE'S 5G IPHONE COMING NEXT MONTH
Despite the drop, the market cap value remains at the $2 trillion level and the majority of Wall Street analysts rate the stock a strong buy.
And the company is readying a 5G iPhone for release next month, according to reports.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 165.00 | -2.04 | -1.22% |
It has been a volatile week of trading for the maker of iPhones after Monday's 4-for-1 stock split, the fifth since Apple became a publicly-traded company in 1980.
Pre-split, Apple was the largest weighted member of the Dow Jones Industrial Average representing nearly 12% of the 30 members. However, the split prompted a shake-up of the Dow, which catapulted United Health, Home Depot, Salesforce and Amgen to the largest weighted members.
Apple accounts for about 3% of the Dow as tracked by Howard Silverblatt, senior index analyst, at S&P Dow Jones Indices.
APPLE SAYS APP STORE CREATED 300K JOBS IN 16 MONTHS AMID ANTITRUST BATTLE
For most of this week, the shares were hovering at record highs until Thursday's sharp market downturn, which was driven by uncertainty over the timing of a potential COVID-19 vaccine and potentially positioning ahead of the long holiday weekend, according to traders.
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