American technology giant Apple has become the first company with a stock value exceeding $3 trillion.
The company’s stock prices have risen 5800% since co-founder and former CEO Steve Jobs unveiled the first iPhone to the public in 2007.
But shortly before trading in New York ended, its market cap dropped to $2.99 trillion.
While spending on devices peaked, Apple was one of the lucrative companies of the pandemic era.
“Finding $3 trillion is a historic moment for Apple and continues to mislead those who doubt it as a company,” said Dan Ives, an analyst at Wedbush.
It took just 16 months for Apple to increase its market value from $2 trillion to $3 trillion.
Apple became the first company to exceed $1 trillion in August 2018.
In general, the iPhone accounts for about half of the company’s sales, but the company is also known for its iPad tablets and Mac computers.
Software sold through the Apple Store, cloud storage services via iCloud, and music, television and fitness services are an increasingly important part of the business.
In August, Tim Cookk, Apple’s Chairman of the Board, had bought more than five million shares past his 10 years in office.
Sold for $750 million
It was noted that Cook later sold the shares for $750 million.
The stock was included in Cook’s deal when he took over from Steve Jobs, on the condition that Apple stock performed well.
Apple was founded in 1976 in Cupertino, California, by Steve Jobs and business partners Steve Wozniak and Ronald Wayne.
The company’s stocks first started trading in 1980, and its market value was determined to be $1.8 billion.
In November, the original Apple computer made by Wozniak and Jobs sold for $400,000 at an auction in the US.