The Latest: Apple surges to $1 trillion in market value
SAN FRANCISCO (AP) — The Latest on Apple reaching a market value of $1 trillion (all times local):
Apple is worth $1,001,679,220,000.
The maker of the iPhone and other gadgets became the world’s first publicly traded company with a market value of $1 trillion on Thursday.
The company reached the milestone a couple of hours into the trading session when its shares reached $207.04. They closed with a gain of 2.9 percent to $207.39. The shares are up 23 percent so far this year.
The achievement seemed unimaginable in September 1997 when Apple teetered on the edge of bankruptcy and founder Steve Jobs rejoined the company. If someone had dared to buy $10,000 worth of Apple stock at that point of desperation, the investment would now be worth about $2.6 million.
Amazon is the second-most valuable company with a market value of $895 billion. Alphabet, the parent company of Google, is third at $863 billion.
Apple has become the world’s first publicly traded company to be valued at $1 trillion.
The company reached the milestone Thursday after its shares rose to an all-time high of $207.05. They’re up 22 percent so far this year.
Apple has been the leader among a handful of companies that have used new technology to disrupt established industries over the past couple of decades. Amazon is the second most valuable company at $885 billion and Alphabet, the parent of search leader Google, is worth about $860 billion.
Apple’s achievement seemed unimaginable in 1997 when the company teetered on the edge of bankruptcy, with its stock trading for less than $1.