Apple first US firm to hit $2TRILLION value – beating rivals Amazon, Google and Microsoft
APPLE is officially the first US company to hit a staggering stock market valuation of $2trillion (£1.52trillion).
It means the iPhone maker has beaten rivals Amazon, Google and Microsoft in a race among tech titans.
The valuation is known as a “market cap” – the number of shares multiplied by the price of a single share.
Apple’s share price hit $467.77, with a share count of 4,275,634,000 – giving the firm a $2trillion valuation.
The Cupertino, California company’s shares are up around 60% this year, marking a meteoric rise for Apple.
Tech giants like Apple, Facebook and Amazon have seen their valuations skyrocket during the coronavirus pandemic as more people spend time online.
Apple has soared to a $2trillion stock market valuation – kickstarting the race to $3trillion[/caption]
Apple was founded by tech titan Steve Jobs way back in 1976, and became a popular brand for personal home computers.
It saw major successes in later years with other consumer gadgets, notably the iPod.
But Apple’s meteoric rise to a global tech superpower came in 2007, with the launch of the iPhone.
This brought with it a successful app business in the form of the App Store – from which Apple takes a 30% cut of developer revenues.
Since then, Apple has released a flurry of smash-hit products, including the iPad, Apple Watch and AirPods headphones.
Under the guidance of chief Tim Cook, Apple has put significant resource into its services business.
This has seen the launch of a Spotify rival called Apple Music, as well as the TV streaming service Apple TV+.
iPhone and iPad owners can also pay a monthly fee to Apple Arcade to access exclusive games.
And there are rumours that Apple is quietly working on a bundled “mega subscription” that will wrap its major services into a single payment plan.
It’s expected that 2020 will continue to be a blockbuster year for Apple.
Importantly, this autumn will likely see Apple launch its first-ever 5G iPhone – to better compete with rivals Samsung and Huawei.
Apple became the first company valued at $1trillion back in 2018.
And just two weeks ago, it was predicted that Apple could hit $2trillion by 2021.
But growing faith in Apple’s business model – which promises success in services and hardware – helped the firm smash that prediction by over four months.
Tech analyst Paolo Pescatore told The Sun Apple’s new milestone is “an impressive feat within a short period of time”.
“With a strong broad portfolio of devices and a growing services offering, there are plentiful opportunities for future growth,” said Paolo, of PP Foresight.
“All eyes are now on the eagerly anticipated 5G iPhone which will fuel further consumer demand.
“The last few months have underlined the importance of users (and households alike) to own better quality devices, connections and services.
“The arrival of gigabit connectivity paves the way for endless possibilities. With users owning a slew of connected devices, accessing a wide range of content across them, focus is turning on enabling better experiences.”
It follows Apple chief Tim Cook’s recent wealth surge – tied to Apple stock – with the tech whiz entering the billionaire’s club in early August.
The 59-year-old Alabaman earned $125million in 2019 and owns 847,969 shares in Apple.
The net worth of Apple boss Tim Cook recently rose above $1billion[/caption]
Tim Cook – Unrelenting Apple CEO who ‘leaves staff in tears’
He’s a ruthless businessman who rose from humble beginnings to become CEO of the world’s most valuable company.
And now Apple boss Tim Cook, 59, is worth a reported $1billion less than a decade after he took over from cutthroat founder Steve Jobs.
Cook grew up in the small town of Robertsdale, Alabama.
His father Donald was a shipyard worker, while mother Geraldine was a homemaker.
Cook graduated with a Bachelor of Science in industrial engineering from Auburn University in 1982.
As a student, he developed a system to improve the traffic lights near the college that was so successful it was adopted by the local police force.
This promising early start was followed by the astonishing success which saw Cook work at several tech giants before joining Apple in 1998.
The Alabaman is said to have received a personal invitation from Jobs to join the company.
Following Jobs’ tragic death in 2011, Cook was handed the reigns and has taken the company from strength to strength.
Like Jobs, he’s reported to rule with an iron fist, sometimes leaving staff “in tears” following meetings, according to The Wall Street Journal.
Staff refer to Cook’s Friday meeting with operations and finance staff as ‘date night with Tim’ as they often run long into the night.
Cook has overseen the launch of several major Apple products during his nine-year stint, including the Apple Watch and Apple TV+.
Apple’s rivals will now continue their race to $2trillion – and likely far beyond.
Amazon is currently closest behind, with a market cap of $1.65trillion.
Microsoft is next up on $1.6trillion, with Google flagging somewhat on $1.06trillion.
Mark Zuckerberg’s Facebook is yet to join the trillion-dollar club, currently sitting on $758billion. But the firm is expected to smash past the target once it gets its Calibra Bitcoin rival off the ground.
Most read in Phones & Gadgets
In other news, Facebook boss Mark Zuckerberg saw his personal wealth soar to $100billion last week.
Microsoft could strike a $30billion deal to buy TikTok in a matter of days, insiders claim.
Billionaire Sir Richard Branson will rocket into space aboard a Virgin Galactic spaceship next year, the company has announced.
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