SEEING RED

Apple Loses $180B in Value in Stock Market Slump, More Than Any American Company Ever

The tech giant, which topped $2 trillion in value earlier this year, lost more in market capitalization than most other companies are worth in their entirety.

Apple lost $179.92 billion in market value Thursday in a stock selloff that saw the Nasdaq slump by 5 percent, the Standard & Poors 500 by 3.5 percent, and the Dow Jones Industrial Average by 2.8 percent. The drop, led by tech company shares, constituted the stock market’s worst widespread fall since June and interrupted a soaring recovery from the sharp decline that occurred at the start of coronavirus-induced lockdowns. Apple, which topped $2 trillion in value earlier this year, saw its market capitalization cut by 8 percent, and the raw value of that damage comprised the largest loss that any company listed on the American stock market has ever sustained, according to The Wall Street Journal. Of the companies included in the S&P 500, 470 are worth less than the roughly $180 billion Apple lost, according to the Journal.