Thursday marked the first time a US company achieved the milestone of $1,000,000,000,000 market cap. As Apple (AAPL) shares soared 3% to 207.05 at 12PM ET, it became the first company to cross the 13-digit valuation, putting an end to months of speculations.
The milestone did not come without its own share of drama. Some confusion was created earlier Thursday when Apple’s own Stocks app showed that it had breached this target. However, it had not taken into account an adjustment to the outstanding shares that the iPhone maker had announced on Wednesday.
As per the adjusted share count, Apple shares had to touch $207.05 for the market cap to hit one trillion, instead of the previously projected $203.45, according to CNBC.
Apple is not the first public company globally to hit the milestone. China’s second largest oil producer PetroChina had hit the mark in November 2007 on Shanghai Stock Exchange.
Apple had on Tuesday triggered a 5% stock rally after it reported third quarter earnings that surpassed analysts’ expectations. The rally helped the iPhone maker gain a significant advantage over rival Amazon (AMZN) in the race to one trillion dollar market cap.
Apple is not the first public company globally to hit the milestone. China’s second largest oil producer PetroChina had hit the mark in November 2007 on Shanghai Stock Exchange. However, the stock then tumbled to half its value in a matter of four months.