Apple has become the first company in the history of the United States to be worth $2 trillion.
The technology company’s jump in wealth comes as its shares reached the multi-trillions on Wednesday, August 19, with Apple currently trading at nearly $470 a share for the first time.
Shares of Apple have surged a remarkable 60% this year, despite the ongoing health crisis, pushing the company’s market cap higher than any other US company in history.
Although Apple isn’t the first company in the world to be valued at $2 trillion, it is currently the only one to be valued that high; Saudi Aramco topped that mark in December, but plunging oil prices hurt the company’s stock and Apple passed it earlier this month.
To gain some perspective on just how much money the company has made in recent weeks, Apple’s rise to the $2 trillion mark comes just two months after it hit $1.5 trillion in June – meaning it’s made a massive $500 billion in market value in that time.
The surge makes Apple the most valuable publicly traded company, closely followed by Amazon Inc. which is worth $1.7 trillion. Microsoft follows closely behind with a worth of $1.6 trillion.
This isn’t the first time the iPhone maker has overtaken its competitors, either; in August 2018, Apple was the first company to cross the $1 trillion market value mark.
It’s perhaps unsurprising then that Apple CEO Tim Cook officially earned billionaire status earlier this month, especially because the company’s market value has more than doubled in the space of just two years.
In fairness, it’s probably more surprising that it took him so long to get there, considering he’s been CEO for nine years now and the company shows no signs of slowing down – although he did say in 2015 that he plans to give most of his fortune away, as per Bloomberg, and he has already gifted million of dollars worth of Apple shares.
Either way though, he’s a billionaire and last year alone took home more than $125 million with the help of the 847,969 Apple shares he owns directly. As of Monday, August 10, Cook’s shares were worth about $375 million.
For anyone wanting to invest in the company but perhaps can’t afford $470 a share, I have good news because it’s about to become more affordable for average investors to purchase.
How? Apple’s stock is expected to split four-for-one at the end of the month, which will cut the price of a single share to about $117.
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Topics: Technology, Apple, Business, Now, Tim Cook, Wealth