Apple has become the first company to be valued at $3 trillion on the stock market. Since co-founder and former CEO Steve Jobs unveiled the first iPhone in 2007, Apple’s stock price has increased by over 5,800 percent.
At the same time, its worth dropped somewhat from that milestone, ending Monday’s trading in New York at $2.99 trillion.
Apple has benefited greatly from the epidemic, with spending on technology rising as a result of coronavirus restrictions.
“Apple has once again smashed through the trillion-dollar barrier, which is yet another significant moment for the firm as it continues to disprove naysayers,” Dan Ives, an analyst at Wedbush, added.
Apple’s stock market value rose from $2 trillion to $3 trillion in just 16 months, as the globe’s largest technology firms witnessed demand rise as individuals became more reliant on smartphones, tablets, and laptops during lockdowns.
In August 2018, the firm became the first to reach a stock market capitalization of $1 trillion. The iPhone often makes up half of the firm’s sales, and it is also known for its iPad tablets and Mac computers.
The business’s software, which is available through the Apple store, storage space on the iCloud, and services such as its music, television, and fitness subscription platforms are all getting increasingly essential.
“The key to Apple’s re-rating is its Services business, which we believe is worth $1.5 trillion,” Mr Ives added.
Apple’s chief executive Tim Cook has over five million shares in the firm, according to SEC documents, having received more than five million shares in August as he celebrated ten years at the helm.
He sold most of his shares for more than $750 million, according to a company filing with the US Securities and Exchange Commission.
It was part of a contract he made when he became the new CEO. The award was based on how well Apple’s shares had compared to the rest of the S&P 500 stock index.
Apple, Inc., located in Cupertino, California, was established in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne.
In 1980, $1.8 billion was invested in the firm in its public stock market debut. In November, Apple’s first computer designed by Mr Wozniak and Mr Jobs sold for $400,000 at a US sale.