Just a few months ago Apple made history in becoming the first U.S. company to capture the $2 trillion value crown.
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On Thursday, the company captured another record, this time for its falling share price which amounted to the biggest market cap drop for a U.S. listed company ever.
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The stock lost over $179.92 billion in market value or 8% which equates to $10.52. That drop is larger than the individual market caps of 470 of the S&P's 500 companies, as tracked by Dow Jones Market Data.
Despite the drop, the market cap value remains at the $2 trillion level and the majority of Wall Street analysts rate the stock a strong buy.
And the company is readying a 5G iPhone for release next month, according to reports.
TickerSecurityLastChangeChange %AAPLAPPLE INC.120.88-10.52-8.01%
It has been a volatile week of trading for the maker of iPhones following Monday's 4-for-1 stock split, the fifth since Apple became a publicly-traded company in 1980.
Pre-split, Apple was the largest weighted member of the Dow Jones Industrial Average representing nearly 12% of the 30 members. However, the split prompted a shake-up of the Dow, which catapulted United Health, Home Depot, Salesforce and Amgen to the largest weighted members.
Apple now accounts for about 3% of the Dow as tracked by Howard Silverblatt, Senior Index Analyst, at S&P Dow Jones Indices.
For most of this week, the shares were hovering at record highs until Thursday's sharp market downturn which was driven by uncertainty over the timing of a potential COVID-19 vaccine and potentially positioning ahead of the long holiday weekend, according to traders.