Note 7 saga wipes out $17 billion from Samsung's market cap
Meanwhile, the statement that Samsung posted today in Korea, wiped out more than $17 billion of market cap from the company's stock, which was down more than 8% when the stock exchange closed. Ouch. Of course, market cap is not like solid revenue or profit figures, but this virtual sum is pretty large even for a conglomerate like Samsung. The company should be thankful that the battery fiasco isn't happening with its bread-and-butter Galaxy S line, but rather with the niche Note market, as the repercussions then would have been even more disastrous.
This story is part of:The explosive Galaxy Note 7 saga (140 updates)
9 November Canadian couple abroad had to destroy their Note 7 phones to get home, files class action lawsuit against Samsung
8 November Samsung Canada will exchange Galaxy Note 7s, bought from a third-party
3 November Samsung promises to work hard towards regaining consumer trust
3 November Samsung promises to get rid of its Galaxy Note 7 stockpiles with minimal damage to the environment
1 November Chinese customers outraged after Samsung execs kneeled to apologize for the Galaxy Note 7 fiasco