Apple lost 23% of its stock value, losing to Microsoft. CNBC reports that the fall in Apple shares led to the loss of its status as the world's most valuable company. The company lost first place to Microsoft, whose market capitalization at the close of trading was $2.64 trillion, while Apple's capitalization stood at $2.59 trillion.
Before US President Donald Trump imposed tariffs on foreign goods, the capitalization of both companies exceeded $3 trillion. Apple, which has close trade relations with China, suffers more from US tariff policy than other American companies.
According to Yahoo Finance, at the close of trading on the Nasdaq stock exchange, Apple shares were $172.42 per share, which is 4.98% lower than in the previous session. The new tariffs were announced on April 2 and came into effect on April 5; individual tariffs will go into effect on April 9.
