• search

Apple becomes first publicly traded company to be worth USD 1 trillion

By PTI
Subscribe to Oneindia News
For Quick Alerts
Subscribe Now
For Quick Alerts
ALLOW NOTIFICATIONS
For Daily Alerts

    San Francisco, Aug 2: Apple has become the world's first publicly traded company to be valued at USD 1 trillion. The milestone marks the triumph of stylish technology that has redefined what we expect from our gadgets ever since two mavericks named Steve started the company 42 years ago.

    Apple logo

    The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than USD 1. To survive, Apple brought back its once-exiled co-founder, Steve Jobs, as interim CEO and turned to its archrival Microsoft for a USD 150 million cash infusion to help pay its bills.

    Jobs eventually introduced popular products such as the iPod and iPhone that subsequently drove Apple's rise. The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.

    Apple hit the USD 1 trillion mark when its shares reached an all-time high of USD 207.05 around midday in New York. The shares are up 22 percent so far this year. Jobs' vision, showmanship and sense of style propelled Apple's comeback. But it might not have happened if he hadn't evolved into a more mature leader after his exit from the company in 1985.

    His ignominious departure came after losing a power struggle with John Sculley, a former Pepsico executive who he recruited to become Apple's CEO in 1983 — seven years after he and his geeky friend Steve Wozniak teamed up to start the company with the administrative help of Ronald Wayne.

    Jobs remained mercurial when he returned to Apple, but he had also become more thoughtful and adept at spotting talent that would help him create a revolutionary innovation factory. One of his biggest coups came in 1998 when he lured a soft-spoken Southerner, Tim Cook, away from Compaq Computer at a time when Apple's survival remained in doubt. Cook's hiring may have been one of the best things Jobs did for Apple.

    In addition, that is, to shepherding a decade-long succession of iconic products that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.

    PTI

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more