Apple is the first U.S. public company to be worth $2 trillion

National

FILE – In this June 16, 2020 file photo, the sun is reflected on Apple’s Fifth Avenue store in New York. Apple is the first U.S. company to boast a market value of $2 trillion, just two years after it became the first to reach $1 trillion. Apple shares have gained nearly 60% this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic. (AP Photo/Mark Lennihan, File)

CBS News

Apple Inc. has become the first publicly traded U.S. company in history to be worth $2 trillion.

The iPhone maker’s shares reached the multi-trillions on Wednesday, when its stock neared $468 for the first time. Shares of Apple are now up a remarkable 60% this year, despite the coronavirus outbreak.

An upcoming four-for-one stock split that will make Apple’s shares more affordable to more investors also sparked a rally after it was announced three weeks ago, The Associated Press reports.

The tech giant is even worth more than Saudi Aramco, which was the first company to reach a market value of $2 trillion shortly after it became public in December 2019. The Saudi energy producer’s shares have since fallen amid a drop in oil prices, and its market value is now about $1.82 trillion.

Apple’s $2 trillion market cap makes it the most valuable publicly traded company, followed by Amazon Inc., which is worth $1.7 trillion. Computer software maker Microsoft, which is negotiating a purchase of video-streaming service TikTok, is worth $1.6 trillion.

Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people’s lives — and the stock market.  The group of five, which also includes Amazon, Microsoft, Facebook and Google parent Alphabet, accounts for nearly a quarter of the S&P 500’s entire value.

Apple also was the first company to cross the $1 trillion market value mark, in early August 2018. In the past two years, the company’s market value has doubled, making CEO Tim Cook a billionaire.

First published on August 19, 2020 / 11:07 AM

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