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GE’s $500,000,000,000 Market Wipeout Is Like Erasing Facebook

  • Since peak in 2000, GE close to dropping half-trillion dollars
  • Company announced Monday that CEO Flannery is stepping down
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Bloomberg Intelligence’s Joel Levington reports on GE’s leadership change.(Source: Bloomberg)
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On August 28, 2000, Apple’s hottest product was a candy-colored computer, Donald Trump was a New York real estate mogul and General Electric Co. was worth some $600 billion.

Apple and Trump have gone on to greater things. GE? It’s on the verge of a staggering milestone: a half-trillion dollars in market value wiped out since that all-time high 18 years ago. On Monday the company made the surprise announcement that it was replacing Chief Executive Officer John Flannery, who has been unable to stem the slide in the company’s shares after just more than a year in the job.