#Apple becomes first US company to reach $2 trillion valuation

Apple became the US’s first $2 trillion company on Tuesday — almost two years to the day after it became the first company in the world to reach the $1 trillion mark.

The iPhone maker reached the latest milestone when its stock crossed the $467.77 mark just before 11 a.m. Tuesday. The company has 4,275,634,000 shares outstanding.

Apple shares have surged nearly 60 percent this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales sites amid the coronavirus pandemic.

The company’s hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home. Apple recently reported blowout earnings for the April-June quarter.

An upcoming four-for-one stock split that will make Apple’s shares more affordable to more investors also sparked a rally after it was announced three weeks ago.

Apple has been at the vanguard of a group of Big Tech companies that are increasingly taking over people’s lives — and the stock market. Just five companies — Apple, Microsoft, Amazon, Facebook and Google’s parent company — account for nearly 23 percent of the S&P 500’s entire value.

Saudi Aramco reached a market value of $2 trillion shortly after becoming a public company in December 2019. The Saudi energy producer’s shares have fallen since amid a drop in oil prices and its market value is now about $1.82 trillion.

Shares of Apple have more than doubled in value since March, and have room to grow as the company has yet to release its first 5G-enabled iPhone.

It is the second milestone this month for Apple, whose CEO Tim Cook became a billionaire after nine years at the helm of the world’s most valuable company.

The 59-year-old executive’s net worth surpassed $1 billion earlier in April mark thanks to a nearly 5 percent jump in Apple’s stock price.

Shares of Apple were up 1.2 percent Wednesday morning, at $467.85.

With the Associated Press