- Apple Inc. briefly dropped below $1 trillion during the market cap, challenging a status that the iPhone manufacturer has been holding on since Oct.
- Apple stock, which fell 2% Monday to $224.37, has tumbled 31%—more than $100 a share—since peaking at $327.20 on Feb. 12. That is a loss in value of about $468 billion.
During the last 10 minutes of Friday’s session, Apple Inc. briefly dropped below $1 trillion during the market cap, challenging a status that the iPhone manufacturer has been holding on since Oct.
Apple stock, which fell 2% Monday to $224.37, has tumbled 31%—more than $100 a share—since peaking at $327.20 on Feb. 12. That is a loss in value of about $468 billion.
Although Apple shares pared their loss by the close, ending the week priced at $1.003 trillion, in after-hours trading the stock again teetered around the 13-digit mark. The business has been plagued by supply-chain concerns in China in the aftermath of coronavirus and has shut down stores elsewhere.
Following the unprecedented market crash, Microsoft Corp., the only other U.S. member of the trillion-dollar club, has continued to cling on. The company’s shares are down 23 percent as the virus issue gathered momentum in late February and it finished the week with a $1.04 trillion market cap. Since Feb. 21, Apple has dropped 27 percent. These stocks are also holding up better than the S&P 500, down 32 percent after it hit a high on Feb. 19.
The coronavirus-related vulnerability has already removed two names from the 13-digit club: Amazon.com Inc. and Alphabet Inc., Google’s parent. Each had risen above the mark earlier this year but dropped below $1 trillion at the end of February.
With coronavirus worries taking a toll on the technology industry, the ranks of the world’s trillion-dollar market cap firms have fallen by two as both Alphabet (GOOGL) and Amazon (AMZN) have dropped below the 13-digit level.
Apple warned in February that it would not meet its sales target for Q2. Yahoo, Facebook, Apple, Microsoft, and Amazon have dropped by 24.7%, 17%, 15.5%, 11.8%, and 9.3% respectively in February.
Support Announced By Billionaires
World’s richest visionaries are donating to help countries hardest hit by the disease. Bill Gates Foundation committed $100 million to aid global detection, isolation, and treatment of the virus.
Airbnb CEO – Brian Checky announced that the homestay giant will refund the money of its guests in case they cancel their stay due to the fear of disease.
Hedge fund billionaire, Ken Griffin announced his Citadel will donate $7.5 million to one of China’s hardest-hit provinces.
Then we have Jack Ma – CEO of Alibaba. Recently he joined twitter to taste the world of tweets and social media. 2nd richest person in China pledged $14 million from his foundation to help develop coronavirus vaccine and he would donate 500,000 testing kits and 1 million face masks to the US.