By The Financial District
Apple Becomes First $3-Trillion Dollar Company In U.S.
Apple’s value has tripled since 2018 as its sales soared and it spent hundreds of billions of dollars to repurchase its own stock, the New York Times reported.
Photo Insert: The entrance of the Apple Store in Manhattan, New York City
Apple now accounts for nearly 7 percent of the total value of the S&P 500, breaking IBM’s record of 6.4 percent in 1984.
The company’s huge sales and profit margins have created a stockpile of cash big enough to buy a company like Starbucks outright.
But Apple has opted to give its cash back largely to its investors by buying its own stock — $488 billion worth in the last decade, by far the most of any company.
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