Apple becomes first US company to hit $2trn value, emerges world's most valuable
- Apple Inc is now world's most valuable company with $2 trillion market value
- The technology giant achieved the feat on Wednesday, becoming the first US company to surpass that level
- Apple is now above Saudi Aramco whose value has dropped from $2 trillion to $1.8 trillion and other US companies such as Amazon and Microsoft
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Across the world, only two companies are worth $2 trillion, Apple Inc in the United States and Saudi Aramco in the Kingdom of Saudi Arabia.
Bloomberg reports that Apple Inc joined Saudi Aramco in the revered group on Wednesday, August 19, when its 2020 stock surge pushed the market value over $2 trillion.
Legit.ng gathers it was the first time a US company has surpassed that level.
Source: UGC
While it took Apple 38 years to reach its first $1 trillion in value, the next trillion only took two years.
The rapid growth was attributed to the company's expansion of its hardware ecosystem with more iPhones and new Apple Watches and AirPods.
The technology giant also launched digital services and leveraged its base of 1.5 billion devices to generate more recurring revenue.
Meanwhile, the new feat has solidified Apple’s position as the most valuable company in the world. This is as Saudi Aramco which briefly boasted a $2 trillion valuation in December has dropped to about $1.8 trillion following the drop in shares of Saudi Arabia’s national oil company.
Below is a brief list of some of the most valuable companies in the world:
1. Apple Inc - $2 trillion
2. Saudi Aramco - $1.8 trillion
3. Amazon.com Inc - $1.7 trillion
4. Microsoft Corporation - $1.7 trillion
Meanwhile, a report by The Cable indicates that Apple’s net worth is now higher than the entire Gross Domestic Product (GDP) of the entire 48 countries in sub-Saharan Africa which includes Nigeria and South Africa - the largest economies on the continent.
According to data provided by the World Bank, the GDP of the entire region was $1.75 trillion at the end of 2019.
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Also, a report which shows the ranking of brands in Africa has listed Nigeria's Dangote Group and Globacom, South Africa's MTN and Safaricom of Kenya as Africa’s most admired brands for 2020.
They are recognized as the highest brands listed on the leading Sub-Saharan Bourses, the Johannesburg Stock Exchange and Nairobi Securities Exchange.
American sports and fitness company, Nike, retained the top spot as the best brand on the continent for the third year in a row.
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Source: Legit.ng
