19 August 2020
Apple has become the first American publically traded company to hit the $2 trillion market cap. It did so a few hours ago when its share prices peaked at $467.77. This made it only the second public company in the world after Saudi Arabia's Saudi Aramco to reach the mark. Interestingly, Apple is currently the most valuable company globally as it surpassed the Arabian competitor earlier this month.
Even though Apple has maintained that market caps are not part of its primary goals, it is undoubtedly a significant achievement to have. The thing that makes it even more remarkable is that Apple became a $1 trillion company in 2018. It means it took just a little over two years to double its valuation, especially during the times of global pandemic that has affected numerous businesses.
The Cupertino-based tech giant ended at a valuation of $1.98 trillion as its shares price dropped to $462.83. This is not surprising as share prices do keep fluctuating as the day progresses. If we talk about other US-based companies to have crossed the $1 trillion mark, these include Amazon, Alphabet, and Microsoft. Each of these companies is a direct Apple rival in the tech space.
While Apple's market valuation is certainly growing at a steady pace, it also keeps finding itself in legal troubles from time to time. The current high-profile battle is with Epic Games, creator of insanely popular battle royale game Fortnite. The latter introduced its own in-app purchases payment method to avoid paying a 30% cut on each transaction to Apple. This resulted in Fortnite getting removed from the App Store as Apple wants it to stop using the method and stick with what other developers have been using.