Apple Drops 22%, No Longer World’s Most Valuable Company
Apple shares haven’t been immune from the mass tech stock selloff, trading at 22 per cent below their January peak.
The stock fell 2.7 per cent overnight, to US$142.56, and has fallen 10 per cent this week alone. Over A$1 billion has been wiped from the company since its Jan 3 highs.
The shares are now at their lowest since October, and have seen Apple taken over as the world’s most valuable company by oil giant Saudi Aramco.
Assuming nothing major happens during Friday trading, Apple will finish the week with its seventh straight weekly drop, the longest losing streak the tech giant has faced since November 2018.
Despite this gloom, Apple is still outperforming the Nasdaq 100 index, which has lost close to 30 per cent of its value this year, compared with Apple’s 19 per cent.