Apple is really good at setting records. Apple shares shed a tidy 8% on Thursday, a poor day for technology shares all around, which equates to a loss of roughly $180 billion in market value or around the combined value of IBM, Dell, and HP.
It’s the largest one-day loss in value for any company ever, but still leaves Apple with a market cap of well over $2 trillion. Big numbers are fun.
The previous one-day loss record was a weird one. Back in October 2008, sports car maker Porsche revealed that they had gained control of a majority of voting shares in Volkswagen. That set off a massive short squeeze, which propelled Volkswagen shares 82% higher to briefly become the most valuable company in the world—at $348 billion, meager by today’s standards. Things normalized a bit the next day, and VW stock lost 44%, or $153 billion in market value.
In the U.S., the largest one-day market cap loss came from Facebook stock on July 26, 2018… losing over $119 billion in market value.
MacDailyNews Take: You’ve got to take the bad with the good and, thankfully, AAPL shareholders have had a lot of good this otherwise sorry year (so far). Thursday’s close of $120.88 is the lowest since just August 20th – a mere 10 trading days ago. Apple stock is still up 65% since the start of the year which must not be named, and up 127% over the past twelve months. 🙂