Apple becomes the world’s first $3 trillion company
Apple has topped the market value of $3 trillion on Monday. With this, the iPhone maker has become the first publicly-traded company to be worth $3 trillion. Shares of the company, went up by 3% taking it to an all-time high of $182.88, which was higher than the level that the economy needed to be worth $3 trillion.
The market value of Apple crossed the $1 trillion thresholds in August 2018 and crossed $2 trillion in August 2020. The stock later came down as well from that level as well.
The shares of Apple went up by 35% in 2021. It also benefited from the booming demand for the new iPhone 13 along with the older models of the phones. Apple also benefited from its subscription services of Apple Music, Apple TV+, iCloud and its popular App Store.
The sales of the company surged nearly 30% in Apple’s fall quarter, which ended in September. More companies are assumed to join the $3 trillion club after Apple. Microsoft, which is worth $2.5 trillion and Google with $2 trillion are expected to be the next companies to enter the $3 trillion club.
Amazon with a market cap of $1.7 trillion along with Elon Musk’s Tesla with a worth of $1.2 trillion, are following up these companies.