Samsung stock, which has been a hot item this year, lost $10 billion in value Friday after the Federal Aviation Administration declared the Note 7 smartphone a fire hazard. The Korean company recalled 2.5 million phones in 10 countries last week after 35 of the phones reportedly blew up due to a battery defect.
NEW: FAA warns passengers with Samsung Galaxy Note7 not to turn on or charge phones on planes, or check them in bags pic.twitter.com/bZkW8AlJug
— ABC News (@ABC) September 9, 2016
Separately, Samsung issued a statement to media today saying that it is working with the Consumer Product Safety Commission (CPSC) “on a voluntary corrective action plan to expedite a U.S. recall of the product.” The CPSC issued its own global warning against using the Note 7 Friday.
BREAKING: Consumer Product Safety Commission tells consumers to turn off & stop using Samsung Galaxy Note7 devices pic.twitter.com/cHifmGZXQh
— CNBC Now (@CNBCnow) September 9, 2016