History Gets Its First Trillion-Dollar Company

After Apple shares crossed the $207 mark
By Newser Editors and Wire Services
Posted Aug 2, 2018 11:13 AM CDT
Updated Aug 2, 2018 12:12 PM CDT
Apple Becomes the First Trillion-Dollar Company
In this April 24, 1984 file photo, Steve Jobs, left, chairman of Apple Computers, John Sculley, center, president and CEO, and Steve Wozniak, co-founder of Apple, unveil the new Apple IIc computer in San Francisco, Calif.   (AP Photo/Sal Veder, File)

Apple has become the world's first publicly traded company to be valued at $1 trillion. Apple shares rose 2.7% to an all-time high of $207.05 around midday, though the Washington Post reports they subsequently dropped "amid fast-moving trade," putting the company below the $1 trillion cap. Shares are up 22% so far this year. The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago. The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1, reports the AP.

Apple's stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September. A finance professor at the University of Maryland gives Thursday's news context: "Apple’s $1 trillion cap is equal to about 5% of the total gross domestic product of the United States in 2018." And the Post gives context to how far the company has come: If you sank $10,000 into its December 1980 IPO, when shares were worth $22, and reinvested your dividends, your stake would be worth roughly $6.3 million The AP has a detailed list of milestones on Apple's path to $1 trillion here.

(More Apple stories.)

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