Apple First Public Company in History to Crack $1 Trillion in Value
Apple Inc. is now the first publically traded company in history to reach $1 trillion in market value. Just over twenty years ago the company was on the verge of bankruptcy. Today, Apple’s stock price has cracked $207.50 and rising per share.
There is little doubt that Apple Inc. has achieved the incredible over the past two decades, reshaping the computer industry and upending the phone market with the birth of the iPhone. It was a very different story in 1997, with the small computer company crumbling under competition from Microsoft. Microsoft bailed out their rival with a $150 million investment—yes, despite the boyish rivalry of their respective fans, Microsoft was the biggest software developer for the Mac operating system and competition does not preclude cooperation. That year, Steve jobs also returned to the company he founded with Steve Wozniak as interim CEO.
Jobs took the business in a new direction—away from head-to-head competition with Microsoft and towards the Apple we know today: the world’s preeminent devicemaker and design icon. When the first iPod was released in October 2001, Apple’s stock price was teetering around $1.25 per share. Now it’s over $207.50 per share.
Apple is now worth over a trillion dollars. It’s the largest publically traded company in history. While we congratulate the company on their storied achievements, vision, and market acumen, we have to ask—what’s next? Apple Inc. has over $240 billion in cash reserves and continues to receive huge tax breaks. In our humble opinion, it’s time to put this money to better use, for Apple or for society.