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Jobs's departure prompts Apple share fall

The technology and software giant lost $20bn as a result of the CEO's resignation.

The resignation of Apple's CEO, Steve Jobs, has led to a dip in share prices for the computer software company.

Yesterday, Apple shares dropped by five per cent before rising slightly and finishing at a drop of 0.65 per cent, at $373.72. That still left Apple second only to Google (at $520.04) as the most valuable technology and software company. However, The Independent reported that the company suffered a $20bn loss upon news of Jobs's resignation.

Apple, valued at $330bn, has overtaken ExxonMobil, the oil giant, as the world's largest company.

Apple shares had risen by 0.07 per cent this morning, suggesting the dip was only temporary. Jobs yesterday announced that Tim Cook, who acted up in Jobs's period of prolonged sick leave, was to replace him as CEO, though he intends to remain involved in the company on a more informal basis.