Apple has just hit a ridiculous milestone, becoming the first tech company–and the second company overall–to achieve a total value of $2 trillion. Our sister site CNET is reporting that Apple’s stock price has hit $467.55 million per share, which adds up to about $2 trillion when you account for the 4.3 million outstanding shares.
This comes ahead of a stock split that will “make it easier for more people to buy shares,” CNET reports. As they note, this is a “largely symbolic” figure–and a company’s true value is measured by many different metrics–but the bottom line is that Apple is doing very, very well.
This makes Apple far and away the biggest tech company, and puts it behind only Saudi Aramco (a petrol and gas company) in terms of share value.
Apple, which was nearly declared bankrupt in 1997, is now huge–there are only eight countries with a higher value than the company.
While COVID-19 has been awful for many businesses, the tech giants are thriving–Microsoft, which reached a $1 trillion valuation in 2019, just saw a huge bump in stock prices after it became clear that they were considering buying TikTok.
Whether the release of Apple’s next iPhone range, expected to launch later this year, will impact this figure remains to be seen. The company is currently locked in a legal battle with Fortnite developer Epic which could have wider ramifications for game development on Apple products.