The $450 billion wipeout: Apple's value has fallen by more than Facebook's entire worth in three short months
- Just three months ago, Apple was on a high as the most valuable company in the world.
- But since October 2018, $450 billion has been wiped from its value.
- That's more than the entire value of Facebook.
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. Advertisement
Read more: Apple's brutal sales warning sparked a Wall Street debate on whether tech stocks will be dragged into a disastrous downturn
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.This chart shows the three-month decline and says it all:
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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