San Francisco: A broad sell-off in the overall tech sector amid an ‘underwhelming product launch event this week has resulted in Apple stock plunging nearly 22 per cent from its intraday record high of $137.98 on September 2, losing around $532 billion in market value.
According to a CNBC report, it took just 12 trading sessions for Apple to plunge more than 20 per cent from its all-time high, giving up more than half a trillion in market capitalisation.
The iPhone maker last month scripted history by becoming the first American company to touch $2 trillion in valuation.
Earlier this month, the market cap of Apple touched $2.3 trillion, surpassing the entire value of all the companies in the Financial Times Stock Exchange 100 Index, also called the FTSE 100 which is the UK’s top share index.
While Apple’s market value was around $2.3 trillion (1.7 trillion pounds), all the companies in the FTSE 100 had a combined value of 1.5 trillion pounds.
Demand for Apple’s shares reportedly boosted by the company’s decision to divide its shares to make it easier for individuals to invest in the company. Apple’s board of directors had approved a four-for-one stock split, effective from August 31.
