Apple Becomes The First Tech Company To Reach $2 Trillion Valuation
iPhone maker, Apple has reached $2 trillion in valuation. Just in 2018, the company reached a trillion-dollar market capitalization, making it the most valuable tech company in the world, now it has gone even further.
Despite the COVID-19 slowing down the release of new products and slowing down production, Apple’s stock hit $467.55 a share. When you multiply the figure by the roughly 4 million shares outstanding as of 27th June 2020 that gives roughly $2 trillion.
This feat comes ahead of its 24th August 2020 plan to multiply its number of shares by four and divide each share’s value by four. Apple says the move is so that more people can easily buy shares in the company.
– Apple Confirms There Will Be Delay In The Release Of Its Latest iPhones
– Despite The COVID-19 Pandemic, Apple Sales Increased By 11% During Q2 2020
– Apple To Start Assembling Its New Range Of iPhones In India
The acheivement is even more remarkable considering that Apple was near bankruptcy in 1997, just over 20 years ago. However, the company’s fortune took a remarkable turn for success after co-founder Steve Jobs returned to head the company. Former design chief Jony Ive, and current CEO Tim Cook are also prominent names in its success story.
Jobs return in 1996 saw Apple release ‘blockbuster’ products like the iMac, the iPod, the iPhone, and the iPad in 1997, 2001, 2007, and 2010 respectively. Cook has also been very pivotal to Apple sustaining that momentum since taking over after Job’s death in 2011.
The only other company in the world apart from Apple with a $2 trillion valuation is Saudi Aramco, a multinational oil and gas company based in Saudi Arabia. The company’s plan to release highly anticipated 5G iPhone will only mean good news for its shares.
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