Finance

Apple has quietly dropped 22% from its peak, giving up $500 billion in market cap

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Well, that was fast.

It took just 12 trading sessions for Apple to plunge more than 20% from its all-time high, shedding over half a trillion in market capitalization.

The tech giant has plunged 22.6% from its intraday record high of $137.98 from Sept. 2, losing around $532 billion in market value. Apple’s fast and furious decline followed its massive run-up in August ahead of its 4-for-1 stock split, while the steep losses also came as Apple’s recent product event — its first in 2020 — didn’t live up to the hype.

The Tim Cook-led giant on Tuesday announced a bunch of new hardware and some new software, including Apple Watch Series 6, the new iPad Air, a new fitness service and new…

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Source cnbc.com

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