Apple lost $190 billion in value over the past 5 weeks

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money
Apple has had a rough few weeks.
Photo illustration: Ste Smith/Cult of Mac

Some Apple stats are pretty mind-boggling to get your head around, such as the fact that a modern midrange iMac Pro boasts 11x as many bytes of memory as every combined unit of the Apple II ever sold.

The latest insane factoid is a bit less positive, however. After a recent decline in Apple’s stock price, the company has lost more money in 5 weeks — $190 billion — than its accumulated value in its first 30 years as a public company. Wow!

Apple suffered a particularly bad day on Monday, at least by its own high standards. Apple’s share price was down more than 5 percent, which meant Apple was valued at less than $1 trillion at the end of the day’s trading. That’s the first time this has happened since it passed the landmark valuation in August.

As Business Insider points out:

“After the firm’s stock hit a high of $232 on October 3, with a value of $1.16 trillion, it then lost just under $190 billion from its market cap over the subsequent five or so weeks … To put that into…perspective: It took Apple nearly 30 years to reach a valuation of $190 billion. The company went public on December 12, 1980. Its $190 billion valuation came in March 2010, according to Macrotrends.”

Of course, this factoid doesn’t tell you everything. $190 billion represents just a few percentage points for 2018 Apple, the result of some negative stories about iPhone XR demand. In 2010, that sum was the total value of Apple’s business. 2010 was also before Apple’s stock price experienced the crazy post-Steve Jobs boom which saw it eventually sail to $1 trillion.

With all that said, it’s not good news! On CNBC’s Mad Money, pundit Jim Cramer said that reversing Apple’s plunge is “a tall order.”

Cramer noted that, “We keep getting new negatives that frustrate buyers. After today, there’s no denying that Apple has some sort of problem selling some of its phones. Is it China? Is it the developing world? Is it a slowdown here in America? We don’t know. Maybe it’s nothing. Then again, maybe it’s something. The question is, what’s the solution?” That’s what everyone is waiting to find out.

At time of writing, Apple is trading at $194.17. Its highest point this year was $232.07 in early October, prior to the decline.