Apple has become the world’s first company to hit a stock market valuation of $3 trillion (£2.2tn). The company’s share price has risen by around 5,800% since co-founder and former chief executive Steve Jobs unveiled the first iPhone in 2007. However, its value slipped a little from that milestone, to end Monday’s trading session in New York at $2.99tn.
In comparison, Microsoft Corp is now worth about $2.5tn (£1.8tn), while Alphabet, Amazon.com and Tesla have market values above $1tn.
Apple becomes World’s First $3 trillion Company
The company became the first company to hit a stock market valuation of $1tn in August 2018. During the COVID-19 pandemic that has increased demand for personal electronics and digital services, the iPhone maker passed $2tn (£1.4tn) in 2020.
The iPhone typically accounts for around half of the company’s sales, while it is also well-known for its iPad tablets and Mac computers.
Increasingly important parts of the business are software, sold through the Apple store, storage space via the iCloud and services such as its music, television and fitness subscription platforms.
In August, Apple’s chief executive Tim Cook received more than five million shares in the firm, as he marked ten years in the job. A company filing with the US Securities and Exchange Commission showed that he sold most of the shares for more than $750m.
Check Also: What to Expect from Tech Giant Apple in 2022