What US tech giant has become the first to reach a valuation of more than $2tn?
With many of the world’s leading tech giants increasing their valuation during the COVID-19 pandemic, there has been an unofficial race to become the first US company to surpass the $2tn valuation mark.
Google, Amazon, Facebook and others have all achieved positive figures and results – however, it is Apple that has become the first US company hit the valuation on the stock market. Apple was also the first US firm to hit the $1tn valuation back in 2018.
Apple’s share price hit $467.77 yesterday, which meant that it finally raced past the $2tn mark.
Apple’s shares have risen more than 50% this year, despite the coronavirus crisis and its struggles regarding the US/China international relations. The firm’s third-quarter figures showed revenues increased to $59.7bn – this is double-digit growth.
Although it is the first US firm to achieve this, it is the second global firm to reach the valuation. Saudi oil giant Saudi Aramco achieved this mark after it listed 10% of its shares in December 2019. However, the firm has fallen below this valuation during the COVID-19 pandemic – and currently has a value between $1.7tn-$1.8tn – a similar valuation to ecommerce leader, Amazon. Microsoft has risen to a valuation of near $1.6tn and Alphabet is around the $1.2tn mark.