US Tech giant Apple Inc became the first public company to value with a trillion dollars. This feat comes a day after Apple’s shares hit a historic milestone of $207.05. Steve Jobs co-founded Apple in 1976 along with Steve Wozniak. Since Tim Cook took the charges of Apple CEO after Steve Jobs in 2011, Apple’s share price has grown 2000% which is huge.
Apple was having a downfall with the market and Steve came to its rescue. Pixar and Next were merged into Apple and Jobs was back to Apple in 1997 again. This time, there is nothing to stop him.
How Apple Revolutionized Technology?
Steve Jobs introduced a different product for the first time apart from Personal Computers and Operating Systems. In the year 2001, he introduced iPod, a device that can record 1000 songs in a matchbox sized device. That is the beginning. Fast forward to 2007, Apple re-invented smartphones and introduced iPhones. Till today, Apple iPhones are dominating the smartphone market strongly.
All these changes gave rise to the increase in the share value of Apple. Today, 42 years after founding the company, Apple hit a record $1tn market. US Steel is the first company to hit a record $1bn value 117 years after founding the company in 1901.
Going by the current net value, Apple is worth more than a third the size of the UK economy and larger than the economies like Switzerland and Turkey.
Other Companies With $1tn
There are other companies that reached $1tn value like PetroChina, a Chinese company and Saudi Arabia’s national oil company Saudi Aramco which is valued up to $2tn. PetroChina’s net worth is considered unreliable as only 2% of the company was open for public trading. Saudi Aramco’s market value is yet to be verified.
The current hike in share price seems to be powered by quarterly financial results released two days back on Tuesday. The profits of tech giant tasted profits of $11.5bn in three months with record sales of $53.3bn which pushed the shares towards $1tn.