On Wednesday (August 19,2020), Apple becomes the first public-traded U.S Company worth more than $2 trillion. In 2018, Apple became the first U.S. company to reach a $1 trillion valuation after 42 years since it was founded.
Apple’s shares have escalated 1.4 percent to an all-time high price of $468.65 in midday trading. Earlier this year, it was reported that the company’s value had gone under $1 trillion after the stock market plunged amid the coronavirus pandemic. Apple has thrived during the pandemic, as the company’s loyal customers who were stuck at home did not lose trust in its products. The company has benefited from work-from-home trends and increasing online businesses.
Recently, Apple had reported its record third-quarter earnings, with nearly $60 billion in revenue surpassing Saudi’s oil giant Aramco. In December 2019, Aramco reached a market value of USD 2 trillion, however, its shares have fallen since amid a drop in oil prices. According to the latest reports, Saudi’s energy producer’s market value is now about USD 1.82 trillion. Apple’s market cap is a front-runner amongst other U.S. tech giants, including Microsoft ($1.7 trillion), Amazon ($1.6 trillion), Google parent Alphabet ($1.1 trillion) and Facebook ($761 billion) At $2 trillion, Apple’s market value is now higher than the GDP of numerous developed countries, including Italy, Brazil, Canada, Russia, and South Korea, to name a few. The company, founded in 1976 by Steve Jobs and Steve Wozniak, manufacturing world-changing high-end products including the Macintosh computer, the iPod, the App Store, and the iPhone. Last year in September, the tech company had unveiled three new iPhones -the iPhone 11, 11 Pro and 11 Pro Max.