Apple has had a rough 2024 — and we’re only (nearly) three months in.
The Cupertino, California-based company’s stock had its biggest drop since August last Thursday, slumping more than 4% and wiping away $113 billion of the tech giant’s value. The fall came after the Department of Justice filed an antitrust lawsuit against the company. At the end of market close on Friday, Apple had won back $15 billion in market capitalization. And on Monday, Apple became one of the the first companies targeted by the European Union under a sweeping new law designed to stop big tech firms from cornering the market online.
Apple stock is now down almost 8% so far this year after a string of losses, from a failed electric vehicle project to slowed iPhone sales. Apple — once the world’s most valuable public company — is now worth $525 billion less than Microsoft, which has watched its stock jump more than 15% this year.
That leaves Apple with a nearly Tesla-sized gap in value between it and its chief rival. Elon Musk’s EV company has a $535 billion market cap.
Let’s run down Apple’s struggles in 2024 so far.