Apple Loses $2 Trillion Status, Largest One-Day Loss in Market Value of Any Company till date.
The Show Time/source macrumers.com
Apple on Wednesday, 19 August 2020, scripted history by becoming the first American firm to hit the $2 trillion market cap with doubling in the time of pandemic, following several months of explosive growth, Apple's stock came crashing down on Thursday, dropping around eight percent in a single day. It was the worst day of trading for technology stocks as a whole since March.
Apple's market capitalization slid over $180 billion as a result of the sell-off, marking the largest one-day loss in value for any company ever,the previous record was set by Volkswagen in October 2008, when the automaker lost $153 billion in value in a day, shortly after a massive short squeeze. Apple's stock price is still twice as high as it was in late March. Despite the global health crisis, the company set a June quarter revenue record of $59.7 billion, buoyed by strong Mac and iPad sales as more people work, learn, and connect with others from home.
The company also faces a lawsuit from “Fortnite” developer Epic Games, which accuses Apple of monopolistic practices for retaining a big cut of digital purchases and not allowing developers to take purchases within apps using their own payment mechanisms. Epic’s complaint has drawn support from other high-profile developers including Spotify Technology and Match Group Inc.