Apple stocks have fallen down about 8 percent, marking the worst trading day for technology in particular since March 2020.
The Cupertino-based company’s capitalization dropped to $180 billion after the sell-off. It’s also the single biggest 1-day loss in terms of value by any company, as reported by Barron’s. Volkswagen was the record holder in October 2008 when it lost $153 billion in stock value.
Apple lost its $2 trillion status during trading hours due to having fallen 5 percent more as of today. In hindsight, Apple’s stock is still higher compared to the one in March. The Cupertino-based company posted a record revenue posting in June quarter for $59.7 billion, mostly coming from iPad and Mac sales in times of COVID-19.
In similar news, Apple announced a 4 for 1 stock split which was made effective August 24 for shareholders. The adjusted trading was then carried into effect in August 31.