Steve Jobs' resignation as Apple CEO has wiped billions of dollars off the company's stock market value.
Investors are worried about Apple's long-term future without its visionary leader, even though Jobs stays a company Chairman. COO Tim Cook is taking over as CEO.
Apple shares fell 5% on the news, wiping more than $17bn/£10.3bn from the company's value.
(Via: The Guardian)"While this marks the end of an era for Apple, it's important to remember the there's more to Apple than any one person, even Steve Jobs," said Michael Gartenberg, research director at Gartner. "Continuing as chairman, Mr Jobs will continue to leave his mark on both the company and products even as he transfers the reigns to Mr Cook."Ovum chief analyst Jan Dawson believes it would be illogical for Apple's value to fall immediately."The short-term selloff of Apple shares immediately after the announcement is driven by fears that Apple will not continue to perform as it has, once Steve Jobs leaves the CEO role. However, these fears appear relatively unfounded at least in the short-term. Tim Cook, formerly COO [chief operating officer] and now CEO, has been in day-to-day charge of Apple not only since January, but during two previous periods when Steve Jobs's health prompted extended absences. On all three occasions, Steve Jobs was nevertheless involved in major decisions and continued to set strategy for the company. His new role as chairman suggests this will continue to be the case even if he does not sit at a desk in Cupertino for eight hours every day."
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