Apple has done it.
Beating rivals such as Microsoft, Google Inc and Amazon, Apple has become the world’s first trillion dollar company.
A rise in the company’s share price caused it to touch $207.05 on Thursday. This is owing to the robust iPhone sales and a vast capital return program running into hundreds of billions of dollars.
See Also: Huawei takes second spot!
The company hit a $1tn market capitalization 42 years after Apple was founded and 117 years after US Steel became the first company to be valued at $1bn in 1901.
It means Apple’s stock market value is more than a third the size of the UK economy and larger than the economies of Turkey and Switzerland.
This is a huge moment for Tim Cook who replaced Steve Jobs as CEO and has been facing recurring questions about his leadership and achievements. Apple went into a crisis when Jobs died in 2011 and investors worried the company couldn’t succeed without his intense, hands-on product-design leadership. Now we know they were wrong. Cook has overseen the development of very important new products, like the iPhone X and Apple Watch, new services like Apple Music, and research on potential new categories like self-driving cars and augmented-reality glasses.
In late 2007, PetroChina Co. briefly crossed the $1tn mark but quickly slumped as oil prices collapsed in the financial crisis. Rivals of Apple aren’t far behind. Amazon, Alphabet (the holding company that owns Google Inc. and its internet products) and Microsoft are worth more than $800 billion each.
But for now, Apple is the only $1tn company in the world.
Somewhere… Steve Jobs is smiling.
Source: The Verge