Apple has become the world’s first publicly traded company to be valued at $1 trillion, as a rise in its share price pushed it past the landmark valuation.
The milestone reached Thursday marks the latest triumph of a trend-setting company that two mavericks named Steve started in a Silicon Valley garage 42 years ago.
It means Apple’s stock market value is more than a third the size of the UK economy and larger than the economies of Turkey and Switzerland.
The iPhone maker entered the rarefied air of a 13-digit market cap as its share price hit $207.05. It began an ascent Tuesday after reporting solid results in its latest quarter.
Another company, Saudi Arabian Oil Co. could eclipse Apple if it goes through with plans for an initial public offering. Saudi officials have said the IPO would value Saudi Aramco, as the company is often called, at about $2 trillion. But until the IPO is completed, Saudi Aramco’s actual value remains murky.
To survive, Apple brought back its once-exiled co-founder, Steve Jobs, as interim CEO and turned to its archrival Microsoft for a $150 million cash infusion to help pay its bills.
Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple’s rise.
> Shiuly Rina
World's First Trillion-Dollar Company is Apple
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