Tim Cook and Jony Ive
Johnny Ive and Tim Cook Getty

 

  • Apple’s valuation took a notable dip in after-hours trading on Thursday after design chief Jony Ive announced he would be leaving the company.
  • Upon news of Ives departure, Apple’s stock dropped -0.87% — which is small in the grand scheme of things, but still shaved about $8 billion from Apple’s market cap.

Apple’s valuation took a notable dip in after-hours trading on Thursday after its design chief Jony Ive announced he would be leaving the company.

Upon news of Ive’s departure, Apple’s stock dropped about .087% in afterhours trading, as of the time of writing— which doesn’t sound like a lot, but at Apple’s scale, meant that it shaved off about $8 billion of its market cap. If the loss holds by the time of the opening bell on Friday, Apple will be worth about $910 billion.

In a statement on Thursday, Apple CEO Tim Cook tried to reassure employees and investors that the company’s relationship with Ives — who’s had his hand in designing countless Apple products including the iMac and iPhone — would remain close. Ive will be launching his own independent design firm, named LoveFrom, and Apple is said to be one of its primary customers.

“Apple will continue to benefit from Jony’s talents by working directly with him on exclusive projects, and through the ongoing work of the brilliant and passionate design team he has built,” Apple CEO Tim Cook said in a company statement. “After so many years working closely together, I’m happy that our relationship continues to evolve and I look forward to working with Jony long into the future.”

So while investors don’t seem to be especially spooked, given the relatively modest scale of the dip here, it still appears that Wall Street took notice.

As reported by Business Insider