Michelle Clancy ©RapidTVNews | 26-08-2011
After years of being seen as the single-handed force behind iconic products like the iPod, iPhone and iPad, Steve Jobs has stepped down from Apple, causing all eyes to turn to Wall Street.
Job's various health concerns have historically had a big effect on Apple's share price thanks to the "visionary" status that he enjoys. But Wall Street has had a collective shrug in response to the news this time around: Apple stock was only down 1.25% in midday trading on Thursday, holding around $371.
The ho-hum reaction is likely a result of the resignation being far from a shock. After a liver transplant in 2009, Jobs has been cagey about his medical status, although public appearances with him looking gaunt and drawn have fueled speculation as to when he would finally throw in the towel. The 56-year-old Jobs, who has been on medical leave since mid-January, finally said Wednesday afternoon that he "could no longer meet [his] duties and expectations as Apple’s CEO."
Tim Cook has been acting as interim CEO since January and will take over for Jobs, who will continue to serve the company as chairman of the board.
Apple's stock has had massive growth in the wake of its post-Mac iProducts, leaping from $44 at the beginning of 2005 to the $370-ish mark where it stands today, making it one of te world' most valuable companies.