Stocks for the world’s most valuable company topped the $500 billion mark in early trading on Wednesday.
The half trillion dollar value is higher than the gross domestic products (GDP) of Saudi Arabia, Poland, Sweden, Belgium, or Taiwan. It also puts Apple in an exclusive territory owned by the largest companies in history. Only Microsoft, Exxon Mobile, Cisco, and General Electric have ever broken the half trillion mark before.
Exxon was the last company whose stocks’ valuation topped $500 billion. It did so in 2007 when the world’s oil prices were skyrocketing. Microsoft, Cisco and GE all reached the mark in 2009 at the height of the tech bubble.
Apple posted a 73% growth in sales last year making it one of the world’s fastest growing tech companies. Its iPad and iPhone devices are dominating the mobile computing markets and crushing competing products from Microsoft and Google.
Apple’s stock price has been soaring for the past three years. It share reached $500 two weeks ago, another high mark for the company. It recorded an all time high of $540 a share on Wednesday morning as it breached the $500 billion total valuation.
Apple’s rise to the top started on Jan 25 when it passed Exxon Mobil as the world’s most valuable company with a $400 billion market capitalization. Exxon now sits at second with $410 billion stocks value, followed by PetroChina with $281, followed by Microsoft.
Despite Apple’s meteoric rise in share price, its stocks are trading at a relatively cheap price, 13 times less than its projected earnings for 2012.
Apple Stocks Hits $500 a Share, Company Tops $500 Billion Mark
By Jon Mills
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