The $450 billion wipeout: Apple's value has fallen by more than Facebook's entire worth in three short months

NEW YORK - Apple's stock has been in freefall since since its 52-week high in October, and the unexpected sales warning from CEO Tim Cook has sped up the decline.

The iPhone maker's share price fell by 9.96% on Thursday following a shock readjustment of its revenue forecast.

Just three short months ago, Apple was on a high as the most valuable company in the world.

But since Apple hit a peak of $232.07 a share on October 3, giving it a market cap of $1.16 trillion, it has dropped to $142.19, wiping $450 billion from its value. Its market cap stood at $710.97 billion on Thursday, according to Macrotrends. Bloomberg pegs Apple's current market cap at $674.74 billion.

To put that into context, that $450 billion loss is significantly more than the value of Facebook, which is currently worth $383.76 billion, according to Macrotrends. It's also more than the GDP of countries including Iran, Austria, and Norway.

The drop in valuation means Apple has lost its position as third most valuable company in the world to Alphabet, the parent company of Google.

 

In pre-market trading, Apple was up 1.61% to $144.48 at the time of publication.




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