Samsung market value drops about 26 billion. The Galaxy Note 7 fiasco to blame.
It would have been easier for Samsung if their Galaxy Note 7 problem was a software issue and not a hardware one. Unfortunately, for them, the battery is at fault for all the Note 7 explosions around the world and, since the company cannot stop this major fire hazard prolem from ever happening again, because not everyone’s agreeing on returning their phablet unit to Samsung, the company has found a workaround for it in the form of a security software update which once installed, it will limit Galaxy Note 7’s charge to 60 percent. This solution will apparently prevent the Note 7 to overheat and explode.
Samsung Electronics will start rolling out the patch in South Korea, on September 20. However, for the rest of the world, it remains to be seen when or if the update is successful enough to prevent further drama.
Since the day Samsung acknowledged Galaxy Note 7’s battery factory defect and up until this week, the South Korea OEM market value has dropped considerably (about 26 billion dollars, according to QZ).