Apple stock slid 8% on Thursday, a rotten day for technology shares. That translated to a loss of roughly $180 billion in the iPhone maker’s market capitalization. It’s the largest one-day loss in value for any company ever, but still leaves Apple with a market cap of well over $2 trillion. Big numbers are fun.
The previous one-day loss record was a weird one. Back in October 2008, sports car maker Porsche revealed that they had gained control of a majority of voting shares in Volkswagen (VOW.Germany). That set off a massive short squeeze, which propelled Volkswagen shares 82% higher to briefly become the most valuable company in the world—at $348 billion, meager by today’s standards.
Things normalized a bit the next day, and VW stock lost 44%, or $153 billion in market value.
In the U.S., the largest one-day market cap loss before 2020 came from Facebook (FB) stock on July 26, 2018, following its earnings report the prior evening. Facebook’s second-quarter results were fine, with earnings and sales matching the Wall Street consensus. But following the Cambridge Analytica scandal and other pressures on the company’s business model, Facebook warned that its revenue growth and profit margins would decline significantly over the coming quarters and years.
The stock tumbled 19% the following day, losing over $119 billion in market value.
A pair of days in March 2020 saw market-cap losses of more than $150 billion from Apple and Microsoft (MSFT) stocks.
Apple’s loss on Thursday was larger than the individual market caps of 470 companies in the S&P 500 —or the bottom 37 combined. It is the biggest percentage drop for Apple stock since March 16, when it fell 12.9%.
But, like the rest of tech, Apple stock is still solidly in the green for practically any timeline. Adjusted for its recent stock split, Thursday’s close of $120.88 is the lowest since just August 20—10 trading days ago. The stock is still up 65% since the start of 2020, and up 127% over the past year. Hard to feel bad about those returns, even after one rotten day.
Write to Nicholas Jasinski at [email protected]