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Apple is first US company to hit US$2 tril in market value

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It is the latest demonstration of how tech giants have benefited from the coronavirus. FMTNews

NEW YORK: Apple on Wednesday became the first US company to reach US$2 trillion in market value in the latest demonstration of how tech giants have benefited from the upheaval of the coronavirus.

Shares in Apple have roughly doubled from March lows, an astonishing performance which has lifted chief executive Tim Cook’s net worth to US$1 billion for the first time, according to a Bloomberg Billionaires Index calculation. “He didn’t invent anything, but what he has done is keep a firm hand on the tiller, steering the ship and keeping the culture intact,” said analyst Laura Martin at Needham & Company.Apple’s rise comes amid a broader rally in technology shares as employees around the country shift to working at home amid the coronavirus pandemic and social distancing protocols.

During the session, Cook faced tough questioning over the market power of the company’s App Store and its treatment of developers.

 

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