Steve Jobs’s resignation as Apple chief executive has wiped billions of dollars off its stock market value as traders fret over the company’s long-term future without its visionary leader.
The news of Jobs’ departure came after the close of New York trading, but Apple shares fell 5% in after-hours trading on Wednesday night. Apple shares traded in Frankfurt dropped 4.5% in early trading on Thursday.
A 5% decline wipes more than $17bn (£10.3bn) off Apple’s stock market value, sending it down from $348bn to $330.5bn, just two weeks after it briefly became the world’s most valuable company.
Tim Cook: the man taking over from Steve Jobs at Apple
Steve Jobs’s decision to resign from the company and recommend Tim Cook, formerly its chief operating officer, as its chief executive thrusts him into the spotlight.
Cook, a small-town football fanatic turned chief executive of the world’s largest technology company, has long faced the question of whether he had the same remarkable vision as his predecessor.
He now must prove that his technology instincts are as sharp as when he joined Apple in 1998 after leaving the once-mighty Compaq, then the world’s top PC maker. At the time Apple was barely afloat.
But as far as i am concerned I can’t see Cook dressed in a black long-sleeved mock turtle-neck presenting the future apple products.