Beleaguered Samsung sheds $26 billion in value after massive recall of explosive, dangerous, flawed Galaxy Note 7
“When Samsung announced it would recall its Galaxy Note 7 devices due to explosive battery mishaps, airlines and regulators acted swiftly,” Quartz reports. “So did Samsung investors.”
“Shares of Samsung Electronics, which includes the Korean conglomerate’s smartphone division, plunged 6.9% between the Korea Exchange’s close on Friday and Monday, according to the financial data company Factset,” Quartz reports. “The stock is currently priced at 1.465 million won ($1,311.26), bringing it to lows not seen since July, and down 13% from its most recent high, on Aug. 23. Since the company announced it would recall the Galaxy Note 7, the company has shed over 28 trillion won (more than $26 billion) off its market cap.”
“Over the weekend, more airlines and regulators urged customers to proceed with caution when taking Galaxy Note 7 devices aboard. The European Aviation Safety Agency reminded passengers to keep the devices turned off during flight, as did Delta Airlines, Singapore Airlines, and other carriers,” Quartz reports. “For Samsung, the recall couldn’t come at a worse time—not only is the holiday season just around the corner, but arch-rival Apple just released the iPhone 7 [and iPhone 7 Plus].”
