Fortnite creator sues Apple and Google 1:11
New York (CNN Business) - Among its many achievements - the iPhone, the iPad, iTunes, the app store - Apple can now boast one more: it is now worth more than $ 2 trillion, making it the first company in America to reach that milestone.
Shares of the iPhone maker briefly hit the $ 2 trillion mark on Wednesday. Stocks are up nearly 60% this year and are at an all-time high. Apple, currently trading at nearly $ 470 a share, is also on the verge of becoming more affordable for average investors.
LOOK: Tim Cook, CEO of Apple, has a fortune of US $ 2 billion
The company's shares will be divided four to one at the end of the month, bringing the price of a single share down to about $ 117. Apple's value remains the same as the company will simply have more shares trading at a lower price.
Tesla also recently announced a stock split, a move that could attract more millennial and Generation Z investors.
Apple hit the $ 2 trillion mark just over two years after passing the $ 1 trillion level.
It is not the first company in the world to be valued so highly. Saudi Aramco topped that mark in December when it went public, but falling oil prices have hurt the company's stock. Apple outperformed Saudi Aramco earlier this month after reporting strong earnings.
Two other US tech giants, Amazon and Microsoft, are also approaching the $ 2 trillion mark.
Both are valued at around $ 1.6 trillion. The owner of Google Alphabet is also worth over $ 1 trillion.
Apple's success has also placed CEO Tim Cook in the ranks of billionaires, one of the few CEOs to reach that level without starting the company he runs.
The market has sidelined the concerns lawmakers have about the influence of Apple and other big tech giants, as well as concerns about how some of President Trump's immigration policies will hurt Apple and other major tech companies.
Google Maps returns to Apple Watch 0:40Investors are in love with Apple due to increased sales of subscription services like Apple Music, iCloud, Apple TV +, and Apple Arcade.
There is also growing excitement for the imminent launch of the iPhone 12, which is expected to have 5G connectivity.
Apple, and other cutting edge technologies, are also performing much better than many other companies during the global recession caused by the Covid-19 pandemic.
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