No company is reliant on just one man – particularly the biggest tech company in the world. But so iconic has Steve Jobs become that Apple saw around 10bn wiped off its value last night.
The falls, of course, follow news of Steve Jobs’ resignation as CEO as he continues to fight ongoing health problems. He has since been appointed as the chairman of Apple’s board of directors.
The Guardian reports that Apple shares fell five per cent in after-hours trading in New York last night. 4.5 per cent was wiped off their value on the Frankfurt stock exchange.
In total Apple’s market cap fell from $348bn to $330.5bn.
In contrast, some of Apple’s biggest rivals saw share price climbs in wake of the developments. In Asia Samsung climbed 2.4 per cent while HTC gained 1.35 per cent.
Analysts remain largely unconcerned by Jobs’ departure, though, and remain confident in the abilities of his successor Tim Cook.
"The short-term selloff of Apple shares immediately after the announcement is driven by fears that Apple will not continue to perform as it has, once Steve Jobs leaves the CEO role," Ovum chief analyst Jan Dawson stated.
"However, these fears appear relatively unfounded at least in the short-term. Tim Cook, formerly COO and now CEO, has been in day-to-day charge of Apple not only since January, but during two previous periods when Steve Jobs’ health prompted extended absences.
On all three occasions, Steve Jobs was nevertheless involved in major decisions and continued to set strategy for the company. His new role as chairman suggests this will continue to be the case even if he does not sit at a desk in Cupertino for eight hours every day."