Apple Suffered The Biggest Financial Loss For Any Company In A Single Day Last Week
The iPhone maker saw its stocks tumble on Thursday (3 September) and earned the not-so-welcome title of the US's biggest one day market cap loss, Barrons reports.
Prior to last week, Facebook's July 2018 fall of 19 percent - or $119 billion (£107bn) in market value - was the biggest.
But there probably won't be too many tears from CEO Tim Cook, as Apple's worth dipped just weeks after it became the first US company to hit a market value of $2 trillion (£1.5 trillion).
The $2 trillion valuation was all the more incredible because prior to mid-March its value was just under the $1 trillion (£758bn) mark, according to the New York Times.
The company hit $1 trillion in August 2018 and then grew rapidly over the next couple of years thanks to its various phones, gadgets, subscription services and its original TV and movies.
In Apple's most recent earning call Cook said: "We do not have a zero-sum approach to prosperity.
"We are focused on growing the pie, making sure our success isn't just our success and that everything we make, build or do is geared toward creating opportunities for others."
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While many companies are in economic turmoil, several tech giants have seen their values grow exponentially during the pandemic.
Even taking in the losses from last week, Apple is still up an impressive 64.7 percent for the year. Meanwhile, Zoom is up 460.4 percent from last year.
Amazon, Facebook, Microsoft and Alphabet have also enjoyed significant boosts since the pandemic kicked off.
According to the New York Times, investors have been quick to splash their cash on tech companies, with Amazon, Apple, Alphabet, Facebook and Microsoft rising by a combined $3 trillion between 23 March and 19 August.
Aswath Damodaran, a New York University finance professor who studies the stock market, told the news outlet: "It's become the new flight to safety."
Adding: "This crisis has strengthened what was already a strong hand."
Elsewhere, several individuals are also seeing their personal wealth rise during the coronavirus pandemic, with Jeff Bezos now worth $194 billion (£147 billion).
Featured Image Credit: PA