Apple Drops 22% From January Peak as Tech Selloff Spreads
- IPhone maker’s shares have fallen nearly 10% this week alone
- Saudi Aramco has surpassed Apple as most valuable company
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Apple Inc. shares fell on Thursday, with the stock now about 22% below its January peak as a selloff in technology stocks spreads from more speculative shares to the world’s biggest companies.
The stock fell 2.7% to $142.56 and is trading at its lowest since October. Apple’s slump has erased about $700 billion in market value since the Jan. 3 record, a slump that enabled Saudi Aramco -- which has benefited from this year’s surge in oil prices -- to overtake the tech giant as the world’s most valuable company earlier this week.