Apple becomes world's first public company worth $1 trillion
02 August, 2018, 20:40 | Author: Kristi Dunn
That put Apple on a path to overtake Exxon Mobil in 2011 as the largest United States company by market value.
The iPhone maker's market value reached the figure in late morning trading in NY as its shares rose to a new record high above $207.
The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007.
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-percent increase during the same nearly four decades. That also means the actual number of Apple shares may have fallen further since July 20, but most market observers go with the number reported in the 10-Q quarterly financial reports filed with the SEC.
The ailing Jobs handed the corporate reins to his chief lieutenant, Cook, in 2011.
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The stock was last up 2.4 per cent at US$206.41, a hair below US$1 trillion.
In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism's most exclusive clubs.
The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1. It is now worth about US$200 billion, according to Thomson Reuters data. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million.
The company has yet to turn a profit but this quarter's loss is more than twice as high as in the second quarter previous year . But Musk said numerous trade-ins it received were mass-market vehicles, including the Toyota Prius and Honda Accords and Civics.
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