Apple becomes first US company to be valued at $2tn

Updated: Aug 20, 2020

Apple has become the first US company to be worth two trillion dollars.

It reached the milestone just two years after becoming the world's first trillion-dollar company in 2018.

The tech company’s shares rose over $467.76,in mid-morning trading in the US on Wednesday to push it over the $2tn mark.

The figure means the company, co-founded to sell personal computers by the late Steve Jobs in 1976, is valued at significantly more than half of the US’s total tax take of 2019.

The companies shares have jumped more than 50% this year, despite the coronavirus pandemic forcing it to shut retail stores and the insurmountable political pressure over its links to China.

Last month, Apple was accused of anti-competitive behaviour at a congressional hearing in Washington. Last week, Fortnite-maker Epic Games launched legal action against Apple and Google after the popular video game was removed from their app stores for violating Apple’s strict payment guidelines.

Meanwhile, the company has also joined Netflix with the launch of their global streaming service AppleTV+, paying $240m to persuade Jennifer Aniston to make her first TV series since leaving Friends.

Last year, Apple also launched a credit card, and its contactless payment system Apple Pay, from which it takes 15 cents from every $100 spent.

Apple boss, Tim Cook, has bet big on moving the company away from an over dependence on its most popular product, the iPhone.

Apple's rapid share price rise is "an impressive feat within a short period of time", said Paolo Pescatore, a technology analyst at PP Foresight.

"The last few months have underlined the importance of users and households alike to own better quality devices, connections and services and with Apple's strong broad portfolio of devices and a growing services offering, there are plentiful opportunities for future growth."

Apple was co-founded in 1976 by Steve Jobs, Ronald Wayne and Steve Wozniak, who is credited with designing and building the company’s first desktop computer, the Apple I, which sold for $666.66.

Jobs resigned from the company in 1985 after falling out with then chief executive John Sculley.However, he returned to the fold 12 years later, when Apple paid $427m to acquire workstation computer company NeXT, which Jobs had founded.

Meanwhile, tech firms, which have been viewed as winners despite lockdowns, have seen their stock surge in recent weeks, even though the US is in recession.