Saturday, 15 May 2021

Apple becomes first US company to be worth $2 trillion dollars

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Apple has become the first US company to be worth $2 trillion dollars, after shares of the iPhone maker rose nearly 60% this year.

The company has doubled in valuation in just over two years, and briefly moved beyond a share price of $467.77 briefly this morning.

In August 2018, it became the first publicly-traded company to pass the $1 trillion dollar milestone.

Its shares have risen by more than 50% this year alone, with more people drawn to its services during lockdown.

Last month, its value passed the Saudi oil giant Aramco, which made its stock market debut last year and briefly hit the $2 trillion mark.

Apple's new share price has also been boosted by the looming new iPhone, expected to be the first to feature 5G technology.

Today's valuation represents approximately 10% of the US’ gross domestic product (GDP) – the financial value of all goods and services produced within a country.

Gene Munster, Loup Ventures founder and former top tech stock analyst, told NBC News: “It’s a poll position in investors’ minds. When you cross the milestone first, it’s a signal of leadership.”

He added: “At the core, we’re just becoming more dependent on Apple products. It’s not one product that got us there.

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“The iPhone is less important to their business than three years ago. It’s a combination of iPhone, services, Mac, iPad, educational customers and working from home.”

Its CEO Tim Cook, who took over from co-founder Steve Jobs nine years ago, joined the billionaire club earlier this month as his wealth soared.

He owns 847,969 shares directly and took home more than $125m (£96m) last year.

Cook announced he planned to give most of his fortune away in 2015, and has already donated millions of dollars worth of Apple shares.

  • iPhone
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