Apple lost $200 billion in two days after reports of iPhone ban in China.
Apple lost $200 billion in two days after reports of iPhone ban in China
Shares of Apple fell by 2.9% on Thursday following reports that China plans to expand a ban on the use of iPhones to government-backed agencies and companies.
Investors are fretting over the ability of the world’s most valuable public company to do business in the world’s second-largest economy.
Apple (AAPL) notched its largest daily fall in over a month on Wednesday. The company lost about $200 billion in two days, and its stock is currently the worst performer in the Dow Jones Industrial Average.
The bans could be an ominous sign for Apple.
China is the largest foreign market for the company’s products, and Chinese sales represented about a fifth of the company’s total revenue last year. Apple doesn’...
