Apple valued at $1 trillion as shares surge
Apple has become the world’s first publicly traded company to be valued at $1 trillion.
The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago.
The peak reached on Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1.
To survive, Apple brought back its once-exiled co-founder Steve Jobs as interim CEO and turned to its arch-rival Microsoft for a $150 million cash infusion to help pay its bills.
Mr Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple’s rise.
Apple shares rose 2.7% to an all-time high of $207.05 at around midday. They are up 22% so far this year.
The stock has been surging this week as anticipation mounts about the next generation of iPhone, expected to be released in September.
Mr Jobs’s vision, showmanship and sense of style propelled Apple’s comeback but it might not have happened if he had not 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.
Mr 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 – the current Apple chief executive – away from Compaq Computer at a time when Apple’s survival remained in doubt.