nations on earth that have gdps of a trillion or more. susan lee is outside apple s upper west side store here in manhattan. hi, susan. hey, shep. yes, that s to a record rally. apple crossing the $1 trillion historical threshold earlier today. that goes to strong earnings this week. we re buying a lot of expensive iphones. that s one of the best selling consumer products in history. over $1.4 billion being sold since its introduction ten years ago. the story of apple, yes, it s the most valuable company in the world today but there was a time in the middle of the 90s when business week put out a cover, called the demise of an earn icon. then they brought in steve jobs. we know the history and the story of where apple has gone since then. when steve jobs died in october 2011, apple was worth $343 billion. tripling since then to be over a
christine, i will say the last time facebook stock was down this much was july 27th, 2017. so also in july. we were on the air together. it was when investors had so many questions about facebook s mobile strategy. that s right. the stock fell over 11% that day. look what facebook did on mobile to correct course on that so quickly. this is a huge company, but a nimble one. it is a nimble company. and it s a company that s market cap is $630 billion. it s a big, enormous company. an 18% decline, though, personally, that s $16 or $17 billion off mark zuckerberg s net worth, although he s not going to cry about that, i m sure. and there are 120-some countries that have gdps about the size of what this company just lost. which is all the more reason they have to take responsibilities for some of their problems. that s right. tha they ve had a big run of bad press. how many times have we been on the air talking about privacy, fake news, election meddling.
going to fight privacy breaches. that s going to cost money. it will spend billions on its platform in years to come to make sure that it addresses these big concerns that have dinged its reputation. and some would say, hurt democracy over the past couple of years. and that spending is going to mean it won t make as much money. facebook shares fell more than 20% overnight. if it opens like this in three minutes as we expect it will, poppy, this will be one of the largest hits to market value of a company in history. in fact, it lost more than $100 billion in market value overnight. that is more. that loss in market value is more than the gdps of like 120 countries. it means mark zuckerberg s billions are fewer billions and he falls down the list. but this is just i know this is too big a conversation, but this is why you have people like jamie dimon, who you just interviewed and warren buffett saying, reporting quarterly like this, you know, you need to be able to have companies th
he d gotten these significant concessions from nato leaders, that they agreed to increase defense spending and he d been able to walk away with this big win and that comment was subsequently followed up by and countered by emmanuel macron who said it wasn t true, that rather nato countries were on the same track they d been on, maintaining the same commitments they kept about the percentages of their gdps that would go towards defense spending. so as the summit closed, we saw this rift exist through basic facts between the united states and france, one of the most important nato members. so that s something that putin would be delighted to see and likely the more friction there is within nato, the higher ground putin is going to feel like he s on going into the helsinki summit. keep checking there, france, germany also, and then with theresa may. very, very clear with the president there with those insults, then you ve got this
can t just do this. so what they ve done is they ve sold tax cuts on the rich to the american public on the expectation that it will increase economic growth, it won t increase the deficit, and somehow everybody s going to be happier. apparently last night in pennsylvania, not everybody bought that message. and that is going to be a problem, because you don t have somebody telling the president the truth if it s larry kudlow, because larry kudlow has been selling that message for over a year now, two years. those are the kinds of economic projections we read in the completely made-up chinese or russian gdps. right. it just seems to me that that creates an enormous problem, a burden on the one economic policymaker who doesn t have to salute, which is jay powell. correct. and that s the problem, because the fed can t fix everything. we ve gotten into a habit of thinking, particularly after the financial crisis, that the fed came to the rescue, they were being the adults in the ro