Apple Reaches $2 Trillion Market Cap
On Wednesday, Apple became the first US company to hit a market capitalization of $2 trillion, according to CNBC.
Apple doubled its value in only two years. Apple's outstanding shares are around 4.275 billion and when its price rose to $467.77 around 11 am it hit the mark. However, Apple closed lower by the end of the session at $462.83 and at a market cap of about $1.98 trillion.
Apple reached a $1 trillion market capitalization on August 2, 2018. On July 31, 2020, Apple passed Saudi Aramco to become the most valuable publicly-traded company in the world. Apple shares are up more than 60 percent year-to-date, surging throughout the coronavirus crisis. In the past year, shares are up more than 120 percent.
In late July, the company posted strong third-quarter earnings and announced a 4-1 stock split.