Apple reaches $1,000,000,000,000 value

02 August, 2018, 20:38 | Author: Kevin Carter
  • Apple Park’ Apple’s new headquarters in Cupertino

Apple officially reached a market capitalization of $1 trillion as it stock surged again Thursday, making it the first USA company to hit the massive valuation.

The price of Apple moved above $207.04 and in the process, took the market capitalization to $1 trillion. It now accounts for 4 per cent of the S&P 500.

The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1. Apple is now up more than 20% this year.

Earlier Thursday morning, Apple's own Stocks app (which uses data from Yahoo Finance) incorrectly reported that the company's market cap was over $1 trillion because it didn't factor in the reduction in shares outstanding after Apple's $100 billion stock buyback announced on Tuesday (July 31).

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

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The ailing Jobs handed the corporate reins to his chief lieutenant, Cook, in 2011. "A clean beat on the path to $1 trillion". As a result, Apple has become the first company in history with a market cap in excess of $1 trillion. Recently, some of his older clients have bought Apple shares for their grandchildren.

Apple's stock has risen over 30 per cent in the past year, fuelled by optimism about the iPhone X, launched a decade after the original.

Amazon is in second place at $866bn, followed by Alphabet, the parent company of Google, at $843bn.

That would put Apple's stock market value at $973 billion, based on its newly disclosed number of shares.

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