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Apple Is First US Company In History To Be Worth $2 Trillion

by : Lucy Connolly on : 19 Aug 2020 16:29
apple first company worth $2 trillion 1PA Images

Apple has become the first company in the history of the United States to be worth $2 trillion.

The technology company’s jump in wealth comes as its shares reached the multi-trillions on Wednesday, August 19, with Apple currently trading at nearly $470 a share for the first time.

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Shares of Apple have surged a remarkable 60% this year, despite the ongoing health crisis, pushing the company’s market cap higher than any other US company in history.

Matt Weston

Although Apple isn’t the first company in the world to be valued at $2 trillion, it is currently the only one to be valued that high; Saudi Aramco topped that mark in December, but plunging oil prices hurt the company’s stock and Apple passed it earlier this month.

To gain some perspective on just how much money the company has made in recent weeks, Apple’s rise to the $2 trillion mark comes just two months after it hit $1.5 trillion in June – meaning it’s made a massive $500 billion in market value in that time.

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The surge makes Apple the most valuable publicly traded company, closely followed by Amazon Inc. which is worth $1.7 trillion. Microsoft follows closely behind with a worth of $1.6 trillion.

Tim CookPA Images

This isn’t the first time the iPhone maker has overtaken its competitors, either; in August 2018, Apple was the first company to cross the $1 trillion market value mark.

It’s perhaps unsurprising then that Apple CEO Tim Cook officially earned billionaire status earlier this month, especially because the company’s market value has more than doubled in the space of just two years.

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In fairness, it’s probably more surprising that it took him so long to get there, considering he’s been CEO for nine years now and the company shows no signs of slowing down – although he did say in 2015 that he plans to give most of his fortune away, as per Bloomberg, and he has already gifted million of dollars worth of Apple shares.

Apple boss Tim CookPA Images

Either way though, he’s a billionaire and last year alone took home more than $125 million with the help of the 847,969 Apple shares he owns directly. As of Monday, August 10, Cook’s shares were worth about $375 million.

For anyone wanting to invest in the company but perhaps can’t afford $470 a share, I have good news because it’s about to become more affordable for average investors to purchase.

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How? Apple’s stock is expected to split four-for-one at the end of the month, which will cut the price of a single share to about $117.

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Lucy Connolly

A Broadcast Journalism Masters graduate who went on to achieve an NCTJ level 3 Diploma in Journalism, Lucy has done stints at ITV, BBC Inside Out and Key 103. While working as a journalist for UNILAD, Lucy has reported on breaking news stories while also writing features about mental health, cervical screening awareness, and Little Mix (who she is unapologetically obsessed with).

Topics: Technology, Apple, Business, Now, Tim Cook, Wealth

Credits

CNN Business and 1 other
  1. CNN Business

    Apple is now worth $2 trillion

  2. Bloomberg

    Tim Cook Hits Billionaire Status With Apple Nearing $2 Trillion