The R6 trillion wipeout: Apple lost more than South Africa's entire GDP in three short months
- Just three months ago, Apple was on a high as the most valuable company in the world.
- But since October 2018, $450 billion (R6 trillion) has been wiped from its value.
- That's more than South Africa's GDP and the entire value of Facebook.
Apple's stock has been in freefall since its 52-week high in October, and the unexpected sales warning from CEO Tim Cook has sped up the decline.
The iPhone maker's share price fell by 9.96% on Thursday following a shock readjustment of its revenue forecast.
Just three short months ago, Apple was on a high as the most valuable company in the world.
But since Apple hit a peak of $232.07 a share on October 3, giving it a market cap of $1.16 trillion, it has dropped to $142.19, wiping $450 billion (R6 trillion) from its value. Its market cap stood at $710.97 billion on Thursday, according to Macrotrends. Bloomberg pegs Apple's current market cap at $674.74 billion.
To put that into context, that R6 trillion loss is significantly more than the gross domestic product (the total value of all economic activity) of South Africa in 2017, which was estimated at R4.65 trillion. It's also more than the GDP of countries like Iran, Austria, and Norway.
The loss is also more than the entire value of Facebook, which is currently worth $383.76 billion, according to Macrotrends.
This chart shows the three-month decline and says it all:
The drop in valuation means Apple has lost its position as third most valuable company in the world to Alphabet, the parent company of Google.
In pre-market trading on Friday, Apple was up 1.61% to $144.48 at the time of publication.
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