Published: Thu, August 02, 2018
Markets | By Otis Pena

Apple Becomes World's 1st Private-Sector Company Worth $1 Trillion

Apple Becomes World's 1st Private-Sector Company Worth $1 Trillion

On Thursday, Apple's stocks app for iOS, which pulls its financial data from Yahoo Finance, reported the company stock had passed $1 trillion, but that was based on the stock price being about $203 per share.

Apple Inc. became the first $1 trillion publicly listed US company on Thursday, crowning a decade-long rise fuelled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

The company reached the record market cap when Apple's stock price briefly hit $207.05 in midday trading, before shares once again retreated. The rally continued on Thursday, propelling shares to the magic number of $207.05 apiece.

In the almost more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.

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The president has claimed he didn't know about the meeting until July 2017 when it was revealed in media reports. Giuliani made this same argument Monday during a CNN interview . "He didn't pay them for hacking".

Jobs eventually introduced popular products such as the iPod and iPhone that subsequently drove Apple's rise.

The company's stock was at $205.98, up 2.2 percent near 1555 GMT. "A clean beat on the path to $1 trillion". Apple is the first United States company to reach that lofty level.

Other tech giants have been approaching $1 trillion in market cap, but still lag behind Apple. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a US public company. A company's market value is calculated by multiplying its current share price by the total number of shares investors hold.

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