Apple loses $180 billion in market value

Apple’s market value crossed $2 trillion last month, doubling in just two years, a record in the tech industry. While still being valued more than $2 trillion, the company’s stock shed 8 percent on Thursday. This led to a loss of $180 billion from Apple’s market capitalization in what’s believed the largest one-day loss in value for any company ever.

Despite the drop in market value, it still leaves Apple with a market capitalization of over $2 trillion. The company’s stock was up 65 percent at the market close from January 2020 and up 127 percent from previous year. During the COVID-19 crisis, it had set a record June quarter with $59.7 billion in revenue.

Back in October 2008, German automaker Volkswagen lost $153 billion in value in one day.

/ MarketWatch