Apple surges to $1 trillion in market value

Apple is the First Publicly Traded Company to hit $1 Trillion
(AP Photo/Mark Lennihan)

SAN FRANCISCO (AP) — Apple is worth $1,001,679,220,000.

The maker of the iPhone and other gadgets became the world’s first publicly traded company with a market value of $1 trillion on Thursday.

The company reached the milestone a couple of hours into the trading session when its shares reached $207.04. They closed with a gain of 2.9 percent to $207.39. The shares are up 23 percent so far this year.

The achievement seemed unimaginable in September 1997 when Apple teetered on the edge of bankruptcy and founder Steve Jobs rejoined the company. If someone had dared to buy $10,000 worth of Apple stock at that point of desperation, the investment would now be worth about $2.6 million.

Amazon is the second-most valuable company with a market value of $895 billion. Alphabet, the parent company of Google, is third at $863 billion.