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Apple Becomes First US Company To Be Worth $2 Trillion

Apple Becomes First US Company To Be Worth $2 Trillion

The tech giant was valued at $1 trillion just two years ago

Claire Reid

Claire Reid

Apple has become the first US company to be worth $2 trillion (£1,516,500,000,000).

What makes that incredible title all the more impressive is the fact that until mid-March its value was just under the $1 trillion mark, the New York Times reports.

While the global economy shrank and many businesses have been forced to fold, Apple saw its shares climb 1.2 percent to $467.78 (£354.45), which is sure to have prompted a very happy atmosphere in Apple HQ.

Apple hit its first $1 trillion (£757,735,000,000) in August 2018 and - thanks to its various phones, gadgets, subscription services and its original TV and movies - has saw it grow wildly over the past couple of years.

PA

However, like its tech counterparts - Amazon, Facebook, Alphabet and Microsoft - it's had a significant boost since the global pandemic.

According to the New York Times, investors have been quick to splash their cash on tech companies, with the value of the five companies mentioned above rising by a combined $3 trillion since 23 March.

Aswath Damodaran, a New York University finance professor who studies the stock market, told the news outlet: "It's become the new flight to safety."

Adding: "This crisis has strengthened what was already a strong hand."

In Apple's most recent earning call CEO Tim Cook said: "We do not have a zero-sum approach to prosperity.

"We are focused on growing the pie, making sure our success isn't just our success and that everything we make, build or do is geared toward creating opportunities for others."

PA

And the tech giant has certainly managed to 'grow that pie'.

Elsewhere in eye-watering-wealth news, Jeff Bezos, founder and CEO of Amazon, was today announced as the richest person to ever top the Forbes rich list.

Much like Apple, Amazon has seen its share price increase during the pandemic, meaning more cash in Bezos' pocket. According to Forbes, he's now worth $197.8 billion (£149.25 billion).

And if that's not enough to make you cry with green-eyed envy, then how about the fact he saw his fortune boosted by $7.2 billion (£5.43 billion) in a single day, because he owns just over 11 percent of the company?

Or to put it another way, $83,333.3 for every single second of yesterday.

Featured Image Credit: PA

Topics: Money, Technology, Apple