Global tech giant, Apple is now the first American company to be valued at $2 trillion.
The iPhone producers crossed the $2 trillion mark on Wednesday, August 19, 2020. The company also holds the record of first in the world to cross the $1 trillion mark in August 2018.
Apple’s new status means that the company’s net worth is higher than the entire gross domestic product of the entire 48 countries in sub-Saharan Africa which includes Nigeria and South Africa – both countries have the largest economies on the continent.
The World Bank had given the GDP of the entire African region as $1.75 trillion as at the end of 2019.
However, Apple’s stock suffered a decline at the beginning of the COVID-19 pandemic. It shares are currently trading at $467.78 per share.
The company is looking to split four-for-one at the end of August in order to make the shares available to investors.
This move means Apple will now have more shares trading at a lower price as the company’s value remains intact.
Apple is not the first country in the world to hit the $2 trillion mark. Saudi Aramco, owned by the Saudi Arabia government, crossed the milestone in December 2019 but the Covid-19 pandemic and low oil prices have knocked the company’s value.
Recent data shows that Amazon and Microsoft are also moving closer to the $2 trillion mark with Alphabet, Google’s parent company, now worth more than $1 trillion.