Apple becomes the first company with a $1 trillion valuation

Apple becomes the first company with a $1 trillion valuation

Apple becomes the first company with a $1 trillion valuation

In a memo to Apple's more than 120,000 employees on Thursday that was seen by Reuters, Chief Executive Tim Cook said the $1 trillion valuation was "a significant milestone" that gave Apple employees "much to be proud of".

After closing up almost 6 percent in the previous trading session, Apple shares climbed another 2.4 per cent on Thursday, hitting $207.05, the price needed to reach a $1 trillion market cap, or total stock market value, at 11.50 a.m, Efe reported.

For as much as Apple shares have increased over the past few days, some analysts and tech observers are confident the stock could rise even higher in the weeks and months ahead.

In the letter, Cook also credited Apple cofounder Steve Jobs for reversing the company's misfortunes. Steve Jobs' successor sent a company-wide memo to let them know about Apple being worth $1 trillion and focused on the emotional aspects of the achievement.

Apple is the first private sector company to reach this level. Despite a decent earnings report, though, Amazon ended up a few millions short and stabilized near $900 billion for most of the past week.

For example, last year, he received $89 million worth of shares (560,000 shares at approximately $160 per share) because Apple shares' three-year appreciation exceeded that of two-thirds of the S&P 500 companies.

However, now Wall Street anticipates Apple shares to go more upwards of up to $225.

But Cook has gradually won accolades from investors by pumping out a series of solid financial results and spreading Apple's products to China and other foreign markets.

The strong rumors about Apple achieving the first $1 trillion public company honor started earlier in May this year, after the announcement of cheerful 2018 Q2 earnings call. It now accounts for 4 percent of the S&P 500. In today's world, our mission is more important than ever...

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote in the memo.

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