Jan 4, 2022

Apple becomes first firm to hit $3tn market value

US technology giant Apple has become the first company to hit a stock market valuation of $3tn.The firm's share price has risen by around 5,800% since co-founder and former chief executive Steve Jobs unveiled the first iPhone in 2007.However, its value slipped a little from that milestone, to end Monday's trading session in New York at $2.99tn.Apple has been one of the big winners of the pandemic, as coronavirus lockdowns saw spending on gadgets jump. "Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong," Dan Ives, an analyst from Wedbush said. The company became the first company to hit a stock market valuation of $1tn in August 2018.The iPhone typically accounts for around half of the company's sales, while it is also well-known for its iPad tablets and Mac computers. Cupertino, California-based Apple was founded in 1976 by Steve Jobs and his business partners Steve Wozniak and Ronald Wayne. The company made its stock market debut in 1980 with a market valuation of $1.8bn.In November, the original Apple computer built by Mr Wozniak and Mr Jobs fetched $400,000 at auction in the US..

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