Could Apple’s $14.5 billion fine hurt the company?

Even if Apple is forced to cough up the $14.5 billion fine being imposed by EU regulators, it doesn’t seem like that should cause much hardship for a company with, reportedly, $231 billion on hand in cash and investments. And yet, with a price-to-book ratio of 4.5 times the companies net worth, the loss of $14.5 billion could lower Apple’s market value by $65 billion.