Apple Inc on Thursday lost nearly $180 billion in market capitalisation owing to a big drop in its share price. Apple’s share price on Thursday fell 8 per cent to $120.88 per share. This has led to a loss of nearly $180 billion in market cap for the tech giant.
It was the steepest decline for the company since March 2020, when the company’s shares fell nearly 6.4 per cent, CNBC reported.
The company set a new record in market cap loss, surpassing Volkswagen’s single-day drop of $143 billion in 2008, Barron’s reported.
Apple last month became the first publicly listed US company to cross the $2 trillion mark cap.
Even though the company’s stock suffered a record single-day loss, its market cap remained above the $2 trillion mark; at $2.067 trillion, according to a CNN report.
Thursday saw one of the biggest tech sell-offs, and Nasdaq 100 witnessed a 5.2 per cent decline.
According to reports, Microsoft shares fell over 6 per cent, Google dropped 5 per cent, Amazon 4.6 per cent, and Tesla 9 per cent.