Apple is worth as much as 32 European Banks combined
Apple, recently, overtook Exxon Mobil to become the largest company in the world in terms of the market capitalization. Apple and Exxon are two real big corporations. Each of these companies are individually bigger than the 32 European Banks combined, at least in terms of market capitalization.
Earlier on Friday the DJ STOXX euro zone banks index fell 4 percent, valuing its 32 members at $340 billion. That’s based on the market capitalization of their free-float shares, which for some French banks in particular is less than 100 percent.
The index has crashed by a third since the start of July, hammered by fears banks will lose billions from their holdings of euro zone government bonds and a failure of policymakers to stop a euro zone debt crisis from spreading.
The euro zone banks have lost three-quarters of their value since peaking in May 2007.
In contrast, Apple’s market capitalization has soared to $340 billion on the back of the success of innovative technology products like iPods, iPhones and iPads.