Apple becomes first publicly traded company worth $1 trillion
Retired Apple employee and San Diego resident Joe Moreno joined us in studio to talk about Apple becoming the first publicly traded company worth $1 trillion.
Apple has become the world’s first publicly traded company to be valued at $1 trillion, the financial fruit of stylish technology that has redefined what we expect from our gadgets.
The milestone reached Thursday marks the latest triumph of a trend-setting company that two mavericks named Steve started in a Silicon Valley garage 42 years ago.
The achievement seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1, on a split-adjusted basis., and its market value dropping below $2 billion.
To survive, Apple brought back its once-exiled co-founder, Steve Jobs, as interim CEO and turned to its archrival Microsoft for a $150 million cash infusion to help pay its bills.
If someone had dared to buy $10,000 worth of stock at that point of desperation, the investment would now be worth about $2.6 million.
Jobs eventually introduced popular products such as the iPod and iPhone that subsequently drove Apple’s rise. The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.
Apple hit the $1 trillion mark when its shares reached $207.04 around midday in New York. They rose to an all-time high of $208.32 before falling back slightly. The shares are up around 23 percent so far this year.