In August 2018, Apple became the world’s first- ever trillion dollar company, thereby becoming the richest company to ever exist. However, it quickly lost its top spot after poor iPhone sale and multiple controversies.
PetroChina, a state-owned oil giant, was the first company to hit this mark during its initial public offering in 2007, though its value has declined dramatically since then. Apple on the other hand is the first non-state-owned company to reach this stratospheric valuation on its own merits through a long, sustained upward climb without implicit government guarantees or backing.
It is a market development that has been in the pipeline for well over a year. Recent higher sales of the expensive iPhone X gave investors more confidence in the company and helped it to this watershed moment, leaving second-place Amazon and third-place Google well behind in the mid to high $800 billion value range.
Picture Credit : Google