Apple becomes 1st private company worth $1 trillion


Apple Inc updated its latest share count on Wednesday, putting the magic stock price at $207.04 that would make the iPhone maker the first publicly listed USA company valued at $1 trillion.

The tech giant's market cap briefly hit $1 trillion dollar milestone Thursday morning before dropping slightly again.

Apple just became the first American public company to cross $1 trillion in value.

The price of Apple moved above $207.04 and in the process, took the market capitalization to $1 trillion.

Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a USA public company.

Founder Steve Jobs' return to Apple in the late-1990s helped turned around the company's fortune. "It's one of those things that does not mean anything by itself... it's more a testimony of the importance of Apple on the market".

Last year, sales had risen to $229bn and profits to $48.4bn, making it the most profitable public-listed United States company.

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The reason for the confusion is because Apple is in the midst of a stock buyback program, meaning that some sources have listed the wrong number of outstanding shares.

Shares surged after Apple reported earnings that topped forecasts and a healthy outlook on Wednesday.

"The organic growth of these so-called steady-eddie companies is nowhere near that of Apple", [Cramer] said of the consumer packaged goods plays.

Amazon, Google owner Alphabet and Microsoft have all rallied to near record highs this year, too.

Apple chief executive Tim Cook has struggled to find another product as society-altering as the iPhone.