Apple becomes the first company to reach a market value of $ 3 trillion – NEWS WORLD UPDATE

US tech giant Apple has become the first company to achieve a stock valuation of $ 3 trillion (£ 2.2 trillion).

The firm’s share price has risen about 5,800% since co-founder and former CEO Steve Jobs introduced the first iPhone in 2007.

However, its value slipped a bit from that milestone, ending Monday’s trading session in New York at $ 2.99 trillion.

Apple has been one of the big winners from the pandemic, as coronavirus lockdowns saw spending on devices rise.

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“Reaching $ 3 trillion is another historic moment for Apple as the company continues to prove doubters wrong,” said Dan Ives, an analyst at Wedbush.

It took just over 16 months for Apple’s stock valuation to rise from $ 2 trillion to $ 3 trillion as the world’s largest tech companies saw demand skyrocket as people became more dependent on smartphones, tablets and laptops during lockdowns.

The company became the first company to achieve a stock market valuation of $ 1 trillion in August 2018.

The iPhone generally accounts for around half of the company’s sales, while it is also known for its iPad tablets and Mac computers.

Increasingly important parts of the business are software, which is sold through the Apple store, storage space through iCloud, and services like its music, television and fitness subscription platforms.

“The lynchpin of Apple’s valuation re-rating continues to be its services business, which we believe is worth $ 1.5 trillion,” Ives said.

In August, Apple CEO Tim Cook received more than five million shares of the company, as he completed ten years in office.

A company filing with the US Securities and Exchange Commission showed that he sold the majority of the stock for more than $ 750 million.

He was part of a deal he made when he replaced co-founder Steve Jobs.

The award depended on how well Apple’s stock had performed compared to other firms on the S&P 500 stock index.

Apple, based in Cupertino, California, was founded in 1976 by Steve Jobs and his business partners Steve Wozniak and Ronald Wayne.

The company made its debut on the stock market in 1980 with a market valuation of $ 1.8 billion.

In November, the original Apple computer built by Wozniak and Jobs sold for $ 400,000 at auction in the United States.

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