Apple's stock has experienced a significant drop, leading to a $164 billion loss in market value, which threatens its position as the world's most valuable company—a title it has held since July 2022. The decline comes after two analyst downgrades and concerns over reduced demand for iPhones in China. This decrease brings Apple's market value closer to that of Microsoft, which has seen a less severe stock decline and benefits from its association with the AI industry through its investment in OpenAI, the creator of ChatGPT.
Apple Inc. has experienced a significant drop in stock value at the start of 2024, marking its weakest beginning of the year since 2019 and threatening its position as the world's most valuable company. The decline, attributed to downgrades and a challenging market in China, has brought Apple's market capitalization close to that of Microsoft, which has been less affected and is benefiting from its association with AI and OpenAI's ChatGPT. Apple's market value has decreased to approximately $2.84 trillion, with Microsoft close behind at $2.75 trillion.
Fidelity Investments, a major backer in Elon Musk's acquisition of Twitter, has seen the value of its stake in the company plummet by 72% since the purchase in October 2022. This significant drop suggests that Twitter's overall value has similarly decreased, potentially to less than the debt incurred for its acquisition. Banks holding the debt face the dilemma of selling at a loss or risking further devaluation. Despite the financial turmoil surrounding Twitter, Musk's wealth, bolstered by his shares in Tesla, remains robust.
Fidelity Investments, a shareholder in Elon Musk's X Holdings (formerly Twitter), reported a 71.5% decrease in the company's value since Musk's acquisition in October 2022, now valuing it at approximately $12.5 billion. This follows a series of controversies under Musk's leadership, including increased hate speech on the platform and the loss of major advertisers. Additionally, X recently failed to block a California law requiring social media companies to disclose content-moderation policies, adding to the platform's challenges.
The social media platform formerly known as Twitter, now called X, has seen a significant drop in value, with a 71% decrease since Elon Musk's acquisition in October 2022, as reported by Fidelity. The platform, purchased for $44 billion, is now valued at approximately $12.5 billion. This decline follows a series of controversial decisions by Musk, including staff cuts, reduced moderation, and the reinstatement of banned individuals. The platform has also faced a decrease in monthly users and criticism for increased hate speech and disinformation, leading to advertising boycotts and warnings from the European Union.
