Samsung shares drop $26 billion after Note 7 problems

Galaxy Note 7 problems see Samsung shares have $26 billion wiped away.

@anthony256

Published Sep 13, 2016 3:47 AM CDT
Updated Nov 3, 2020 11:58 AM CST

55 seconds read time

Samsung is really hurting right now with Galaxy Note 7 smartphones exploding all over the place, with a 6-year-old boy in New York City being burnt after the Note 7 he was watching a video on blew up in his hands.

Samsung shares drop $26 billion after Note 7 problems | TweakTown.com

Well, Samsung is also hurting with its shares, bleeding an out of this world $26 billion over the weekend - roughly 6.9% since Friday, reports BGR. Samsung is also set to lose another $1 billion or so with the global recall on the Note 7, and even the FAA and other agencies are telling Note 7 owners to turn their smartphones off before they get on the plane, or even put it with their checked-in luggage.

What now? Samsung will continue to slide until people forget about these issues, but $26 billion over the weekend is a mind-boggling amount of money - no matter how big the company is.

NEWS SOURCES:bgr.com, tweaktown.com

Anthony Garreffa

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering and has recently taken a keen interest in artificial intelligence (AI) hardware.