US-based tech company Apple lost $ 532bn (£3.9 trillion) from its market value in 12 trading days. The money in question is equivalent to 70 percent of Turkey’s national income last year, while the firm still retains the title of being the most valuable private company in the world.
After 12 consecutive trading days, Apple, the world’s most valuable private firm, has lost $ 532 billion in market value.
The company’s shares fell 22.6 percent, while the company’s failure to release a new iPhone at its 2020 product launch accelerated the decline.
Bernstein analyst Toni Sacconaghi rated the company’s new product launch as mediocre, CNBC reported.
Sacconaghi stressed that although the company does not offer a creative product, it should focus on paid digital subscription services, while noting that he expects innovations from the Apple + service in the coming days.
The decline of Apple shares also affected the correction in technology shares (Nasdaq), which were overvalued in the first wave of the pandemic.
Although Apple has lost $ 532 billion in market value, the company retains the title of the private firm with the highest market value in the world, ahead of Microsoft.