Apple To Become A $1 Trillion Company Soon
Apple is on the verge of becoming the first $1 trillion publicly listed U.S. company.
This means one company is richer than many countries.
To put that into perspective, Nigeria’s Gross Domestic Product, GDP (that is, a monetary measure of the market value of all final goods and services produced in a period of time) stood at $405.1 billion as at 2016.
This pales in comparison to the amount of cash available to just one company.
Apple was started in the garage of co-founder Steve Jobs in 1976, but the iPhone maker’s annual revenue has ballooned to $229 billion, greater than the gross domestic product of countries including Portugal and New Zealand.
Reuters reports that Apple’s market capitalization on Thursday topped a record $934 billion, following its unveiling last week of a $100 billion buyback budget and news that Warren Buffett’s Berkshire Hathaway dramatically increased its stake in the company.
Thanks to a 12% rally since its quarterly report last Tuesday, the Cupertino, California company is just 8% short of hitting the $1 trillion valuation mark.
However, Apple is in danger of being beaten to the $1 trillion mark - or passed soon after - by Amazon.com, the second largest listed U.S. company by market value, at $780 billion.
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