By Bespoke Investment Group
Apple Inc. (NASDAQ:AAPL) declined $63.51 yesterday, or 12.35%. This translates into a loss of $65.8 billion in market cap. To put this loss into perspective, there are 459 companies in the S&P 500 that have a market cap less than $65.8 billion, and the 130 smallest stocks in the S&P 500 have a combined market cap that is less than what Apple lost today. Since Apple’s market cap peaked at $658 billion on September 19th of last year, the company has lost $235 billion in market cap. There are only three stocks in the S&P 500 that have a market cap greater than what Apple has lost over the last four months – Exxon Mobil Corporation (NYSE:XOM), Google Inc. (NASDAQ:GOOG) and Berkshire Hathaway Inc. (NYSE:BRK.A). Pretty astounding.
In early 2012, Apple eclipsed Exxon Mobil in size to become the biggest company in the world. By late 2012, Apple was worth more than $200 billion than Exxon. How quickly things have changed. After yesterday’s decline, Apple is now worth $423 billion, which is just $6.5 billion more than Exxon Mobil. If Apple declines another 1.55% (with XOM staying where it is now), Exxon will once again be the biggest stock in the world. This is where the tortoise catches up with the hare.
The above article comes from Covestor.
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