Apple hit a new milestone on Wednesday, becoming the first publicly traded U.S. company to reach a market capitalization of over $2 trillion and doubling in valuation over the last two years
The company crossed the $2 trillion dollar mark on Wednesday after being the first in the world to cross the $1 trillion mark in August 2018.
This makes the iPhone, Mac computers and Apple wristwatch makers the most valuable company in the world.
Interestingly, this also means that the company’s net worth is higher than the entire gross domestic product of the all 48 countries in sub-Saharan Africa which includes Nigeria and South Africa — the largest economies on the continent.
According to data provided by the World Bank, the GDP of the entire region was $1.75 trillion at the end of 2019.
Also, at $2 trillion, Apple’s market value is now higher than the GDP of numerous developed countries, including Italy, Brazil, Canada, Russia and South Korea, to name a few.
Apple is not the first company in the world to cross the $2 trillion dollar mark as government-owned Saudi Aramco hit the milestone in December 2019.
However, COVID-19 pandemic and low oil prices have impacted the company’s value.
After suffering stock value decline at the onset of the COVID-19 pandemic, Apple shares are currently trading at $467.78 per share.
The company has benefited from work-from-home trends and strong online sales; It posted record third-quarter earnings in late July, with nearly $60 billion in revenue, not to mention double-digit growth in its products and services segments.
The company is planning a four-for-one split at the end of August to make the shares affordable for investors.
This split will not affect the company’s value as it would now have more shares trading at a lower price.
Amazon and Mircosoft are also inching close to the $2 trillion mark and Alphabet, the parent company of Google, is now worth more than $1 trillion.