Apple has become the world’s first public company worth at least $1 trillion.
The company founded in 1976 by the late Steve Jobs, reached the historic milestone as its shares hit $207.05, on Thursday morning. Apple’s share price has grown 2,000% since Tim Cook replaced Jobs at chief executive in 2011.
Apple beat rival Silicon Valley giants such as Amazon and Microsoft to become the first to hit the $1 trillion valuation. The company hit the trillion dollar market capitalisation 42 years after it was founded and 117 years after US Steel became the first company to be valued at $1bn in 1901.
With the inconsistent nature of the market however, it’s possible Apple may not stay a $1 trillion company for very long, or it could bounce back and forth over the $1 trillion mark in the coming days.