Apple lost $180 billion in market value in 1-day, the largest 1-day loss for any company ever

apple stock taking a beating rect 2

Apple’s stock plunged more than 6% Thursday afternoon, making it the largest drop for the now $2+ trillion market value stock since March 16th, CNBC reports.

Shares of Apple dropped more than 6% Thursday afternoon, putting its stock on pace for its worst day since March 16, when it plunged 12.9%.

Apple’s drop is joined by its tech peers. Microsoft and Facebook dropped more than 5%. AlphabetNetflix and Amazon were each down more than 5%. The S&P 500 tech sector traded 5.6% lower and was on track for its biggest one-day decline since June 11, when it fell 5.8%. 

The drops come after a massive rally among tech stocks in recent weeks following strong second-quarter earnings reports.

Thanks to the sudden drop, Apple also lost $180 billion in market value, the largest 1-day loss for any coampny ever, as Barron reports:

Apple stock slid 8% on Thursday, a rotten day for technology shares. That translated to a loss of roughly $180 billion in the iPhone maker’s market capitalization. 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.

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Sami
Sami started falling in love with Apple in 2010 with the iPhone 4S. As a registered developer, he deeply admires the world of Apple. Sami is an aspiring journalist, writer, and actor. He also has devoted his life to sharing his passion and knowledge with others around the world.