Apple, the largest technology company in the United States, has become the first company in the world to have a market value of Three Trillion US Dollars.
The company’s share price has risen 5,800% since the first iPhone was unveiled in 2007 by its founder and former chief executive, Steve Jobs. Shares in the New York Stock Exchange traded lower on Monday after hitting the 3 trillion milestone and closed at 2.99 trillion US Dollar. Apple Corps has benefited the most from the global Covid outbreak last year, as sales of new and innovative devices skyrocketed after lockdown or code restrictions were imposed.
“Reaching 3 trillion was a historic moment for Apple, and once again, it disproved skeptics,” said Wade Bush, an analyst at Wade Bush.
The demand for products from major technology companies worldwide, including smartphones, tablets, and laptop computers, has soared due to the Covid-19, and Apple’s share price has risen from two trillion US Dollars and is touching three trillion US Dollars in just 16 months. Apple also had the honor of being the first company in the world in 2018 when its share price reached one trillion dollars in the stock market.
Globally, half of the company’s total sales come from the iPhone, while its iPads and Mac computers are also very popular. Other components of its business include software sold through the Apple Store, made available through iCloud, and a number of services, including platforms for music, TV, and fitness services. Experts say that the main component of Apple’s value is the business of its services, which according to them, is worth one and a half-trillion dollars.
In August of this year, Apple CEO Tim Cook was given five million shares by the company on completion of his ten-year tenure. Records from the US Securities and Exchange Commission show that he sold most of his shares, earning him $75 million. It was part of the deal he signed with Steve Jobs.
Apple was founded in 1976 in the US state of California by Steve Jobs and his business partners Steve Wozniak and Ronald Weinstein. The company was listed on the stock exchange in 1980, and its share price was set at 8 1.8 billion at the time. In November 2021, the first Apple Computer, built jointly by Wozniak and Jobs, sold for 400,000.