Apple officially becomes the first $1 trillion company
02 August, 2018, 20:39 | Author: Corey Lynch
Apple just became the first American public company to cross $1 trillion in value.
The iPhone-maker entered the rarefied air of a 13-digit market cap as its share price hit $207.05. It now accounts for 4 per cent of the S&P 500. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest United States company by market value.
The Silicon Valley stalwart's stock has surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-per-cent increase during the same nearly four decades.
During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following. His ignominious departure came after losing a power struggle with John Sculley, a former Pepsico executive who he recruited to become Apple's CEO in 1983 - seven years after he and his geeky friend Steve Wozniak teamed up to start the company with the administrative help of Ronald Wayne. "A clean beat on the path to $1 trillion".
The iPhone maker was named as the only publicly listed U.S. company to be valued at $1,000,000,000,000 just before 5pm this afternoon. Recently, some of his older clients have bought Apple shares for their grandchildren.
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