Apple reaches $700 billion market valuation, world’s largest company
When Apple’s Former CEO and Co-founder Steve Jobs died in 2011, Tim Cook took over as CEO and there was very much speculation and doubt about Tim Cook’s ability to keep Apple afloat in the very competitive tech market. Fast-forward that to today, Tim Cook has by far succeeded in making Apple the largest company in the world with a market valuation that topped $700 billion today.
The new valuation sets Apple Inc. way above other companies including among the biggest in the world like Coca Cola. As of today (Nov. 25), Exxon Mobil Corp. is second with a valuation of $405 billion while Microsoft follows in third position with a valuation of $392 billion. Looking at the figures, it stands accurate to say that none of the companies coming after Apple is anywhere close to touching the Cupertino smartphone giants.
The latest figures show that Apple’s CEO Tim Cook has steered the company towards the right direction seeing its stock increase by 52 percent in 2014. Since August 2011 when Cook succeeded Mr. Jobs, the company’s stock is up 136 percent.
According to the Wall Street Journal, Apple’s improvements and achievements are set to increase if the thesis by Mr. Icahn is to be followed. Carl Icahn, one of the largest investors in Apple with a stake of 0.9% in the company, expressed concerns over the current stock price of Apple’s shares saying the company was selling the shares at half the price. Icahn also urged Apple to increase the amount of stock it buys back from the investors. Apple’s stock has increased considerably since Carl Icahn’s concerns came to the eyes of the public.
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