It’s official that Apple became worth over $1 trillion. It became the most valuable company on the world.
Apple’s stock hit $207.05 a share, giving it a market capitalization at that trillion-dollar mark. Apple — the biggest public company in the world — had 4,829,926,000 shares outstanding as of July 20, which meant its stock had to hit $207.05 to be worth $1 trillion.
That made Apple worth more than all but the 15 richest countries in the world, based on 2017 data from the CIA World Factbook (that’s the number with a gross domestic product totaling more than $1 trillion last year). And this is only the second time a public company has ever been valued in the 13 digits. PetroChina, an oil and gas company, topped $1 trillion for a short time on the Shanghai Stock Exchange in 2007.
In a memo sent Thursday to Apple employees, CEO Tim Cook called the valuation a “significant milestone” but added that it wasn’t the “most important measure” of the company’s success.
“Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values,” Cook wrote, according to Reuters, which saw a copy of the memo.
He also referenced Apple co-founder Steve Jobs in the memo. “Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges — and that the people who are crazy enough to think they can change the world are the ones who do,” Cook wrote.
Apple is expected to introduce three new iPhones in September, including the possibility of a model considerably larger than the iPhone X and another that’s significantly less expensive.