Samsung Slumps by $22 Billion as Note 7 Safety Warnings Pile Up
- U.S. Consumer Product Safety Commission issues warning
- Global aviation authorities caution against use on planes
Note 7 Users Urged to Turn Off Phones
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Samsung Electronics Co. lost $22 billion of market value over two days as investors factor in a bigger hit to its bottom line from widening bans and warnings on its Note 7 smartphones.
Shares have plunged 11 percent since Friday, the biggest two-day decline since 2008, after U.S. regulators joined the company in cautioning users to power down their Note 7s and refrain from charging them. Aviation authorities and airlines have called on passengers to stop using the gadgets during flights.