Apple’s Decision to Go with TomTom Spurs Stock Explosion Killing Competitors
If you were following our coverage of the 2012 Worldwide Developers Conference yesterday, you know that Apple revealed some great new innovations including the Beta version of iOS6, released to developers last night.
Those familiar with the previous version will take note of one dramatic feature change in particular, the absence of Google Maps. That’s right, Google is out and TomTom navigation and maps are in. This is bad news for Google, but apparently great news for TomTom.
Since the announcement, TomTom stock has exploded, gaining over 12% since yesterday.
Conversely, those who are well-vested with Microsoft and Google, lost over a billion dollars yesterday. While the market is down as a whole due to Eurozone worries, Apple competitors were feeling the effects of a double-whammy.
Bill Gates and Steve Ballmer of Microsoft fame lost almost $630 million combined as prices dropped yesterday. Larry Page and Sergey Brin form Google were also hit hard and lost a combined amount of $617 million.
But, like I said, the market is down on the whole, so even Laurene Powell Jobs, Steve Jobs’ widow, lost $116 million in investments yesterday. It’s good news for TomTom, but really, nobody else is thriving investment-wise. Even Apple stocks slipped as trading progressed yesterday, despite the excitement of the new product announcements.