Nokia — From World Leader to Irrelevant

Nokia commanded 50% of the global smartphone market in 2007 but dismissed the iPhone as a niche product, leading to a catastrophic decline. By 2013, its market share plummeted to just 3%, and CEO Stephen Elop's 'burning platform' memo became a eulogy for its empire. This fall was steeper than Blockbuster's, as Nokia lost 94% of its value while Blockbuster merely shrank to irrelevance, and it fell 15x faster than the average tech decline.