Tech giant Apple has become the first to have a market valuation of $3tn. The prices of its shares has gone up by around 5,800 percent since the first iPhone was launched by the then co-founder and former chief executive Steve Jobs in 2007. But soon its valuation slipped a bit from its valuation while ending the trading session on Monday in New York at $2.99tn.
The Cupertino based company was one of the best performers during the pandemic as a number of people during this phase were seen purchasing gadgets. Dan Ives, an analyst rom Wedbush said reaching the $3 trillion mark is a historic moment for the company as it constantly proves other people wrong who had doubts. It could be said that the credit could be given to the rise in demand. For Apple Stock market valuation it took nearly 16 months as the world’s biggest tech companies noticed a soar in demand. More people in the world were engaging in buying gadgets including smartphones, laptops and tablets as the pandemic progressed.
This is not the first time the company has made history. In August 2018, the company had become the first to hit the stock market valuation of $1tn. The iPhones typically covers nearly half of the sales and is also known for its iPads and Mac computers. Apple is also popular for its software that is sold through the Apple Storage, storage space that is sold through iCloud. It is also known for its services for music, TV and fitness subscription platforms.
Ives has also opined that its service business is also worth $1.5 trillion. Tim Cook, the chief executive of Apple had received more than five million shares in the firm while he marked ten years of his job. A filing by the company had showed that he sold majority of the shares for more than $750m.
Photo Credits: The New York Times