Apple market cap and stock price saw the largest one day decline in history on Thursday after several European countries announced the imposition of digital services taxes. The tech giant’s shares selloff has erased more than $150 billion of market cap on Thursday alone, topping Facebook’s single-day market cap loss of $120 billion in July 2018.

The U.K. and the European nations, including Italy and France, have implemented Digital Services Taxes (DST) on Big Tech. The White House says levies on the US companies is unfair and indicates discrimination against American firms.

The U.S. tech giants, on the other hand, passed on those taxes to final consumers. Apple announced to increase the charges on the local App Store while Google has raised fees for all U.K. ads.

AAPL Apple Inc. daily Stock Chart

“There is nothing to prevent tech companies to do so, even if it doesn’t really look good for their images,” said Dexter Thillien, a senior industry analyst at Fitch Solutions.

“This is not so much a tax issue but a competitive one, because ultimately end-users, whether developers, marketplace sellers or others, will need to use these services, and end up paying the tax,” Dexter Thillien added.

Apple stock price plunged to $120 on Thursday and extended the downtrend in post-market trading. Despite the latest selloff, Apple has the largest market cap among US-listed companies. Its market cap is currently standing around $2.1 trillion.

Apple shares soared close to 150% in the past twelve months. The market analysts have been showing confidence in new 5G product introductions.

The company’s revenue diversification strategy is also adding to investor’s sentiments. The company has generated record wearable and services revenue in the latest quarter. Analysts estimate Apple to produce 80 million iPhone units this year despite the impact of lockdowns and social distancing policies. The tech giant says they have been experiencing robust demand for iPhones and other products.