Apple has just lost $57 billion in the stock market and dropped to the fourth most valuable company.
Apple’s Stock Drops
Apple’s products are simply over priced as it essentially costs about $300 to build an iPhone and yet the company sells it at above $1000.
Apple stock initially opened on Thursday at $144 which was around a $14 drop from its already plummeting price when the markets closed on Wednesday.
Now, its stock is at its lowest price in almost 2 years . The current stock price pushes the Cupertino Company down to the fourth most valuable company behind Microsoft, Amazon and Google.
Their current market value now sits at about $57 billion less than it did before CEO Tim Cook’s letter to investors yesterday.
Tim cook had placed the blame for their lowered projections on a number of factors such as fewer than expected iPhone sales, trade wars with China, and even its own iPhone battery replacement program.
However, since becoming the first trillion dollar company last year, the tech giant have continuously experienced a continuous slide downward in market value.
The company has lost around $450 billion since hitting its peak of $1.1 trillion leaving it with around $600 billion.