Apple share price: Apple lost $ 120 billion in one day

Thursday was a very heavy day for the US tech company Apple, which makes the iPhone. Shares of the world's most valuable company fell 4.9 percent. This reduced the company's market cap by about $120 billion. This amount is less than the net worth of Gautam Adani and one and a half times the net worth of Mukesh Ambani. According to the Bloomberg Billionaire Index, Adani's net worth is $128 billion and Ambani's net worth is $80.3 billion. Also, this amount is half of the net worth of the world's biggest rich Elon Musk. Musk's net worth is $240 billion.

Bank of America has downgraded Apple's rating from buy to neutral. As a result, the company's shares fell sharply. The bank says that the demand for the company's popular devices may come down. Apple's market cap is around $23 trillion. Shares of the company have fallen about 20 percent this year, while the Nasdaq 100 has fallen about 32 percent during this period. The company's share price now stands at $142.48.

Apart from Apple, shares of all tech companies fell on Thursday. Shares of Amazon and Google's parent company Alphabet Inc fell nearly three per cent, while Microsoft's shares fell 1.5 per cent. Similarly, shares of Facebook's parent company Meta Platforms fell by 3.7 percent. The company's CEO Mark Zuckerberg says that the company is going to lay off for the first time. The company's shares have fallen 59 percent this year.