Economy

Will Apple’s $1 Trillion Milestone Give Tim Cook a Pay Raise?

Will Apple’s $1 Trillion Milestone Give Tim Cook a Pay Raise?

The Cupertino, California company's shares added another 0.3 percent on Friday, putting its market capitalization at $1.005 trillion. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion. Apple's stock market value is greater than the combined capitalization of Exxon Mobil (XOM.N), Procter & Gamble (PG.N) and AT&T (T.N).

Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though. Now that Apple proudly sits at $1.004 trillion, what does it mean for Apple's CEO Tim Cook?

Apple's recent strength, on a technical basis, can be tied to a successful defense of support at its 50-week SMA in April (see chart below).

As with other landmarks - such as the Dow crossing 25,000 points for the first time - the Apple record is significant because of its resonance beyond the financial universe.

Cook also credited Apple co-founder Steve Jobs for the company's turnaround.

More news: ALEX BRUMMER: Interest rate rise proves Brexit doom-mongers got it wrong

Apple has become the first United States company with a market cap of over $1 trillion.

For example, last year, he received $89 million worth of shares (560,000 shares at approximately $160 per share) because Apple shares' three-year appreciation exceeded that of two-thirds of the S&P 500 companies.

"As ever the discussion we have around each quarterly Apple earnings is to what extent it can shift away from relying too heavily on iPhone sales and we saw yet more impressive progress again in the second quarter as services revenues rose sharply". But he said it was "not the most important measure" of the company's success. Apple's stock has climbed by 23 percent so far this year, compared to a 6 percent gain for the Standard & Poor's 500 index.

Apple is benefiting from investor euphoria surrounding the tech sector broadly as well - and it could soon have company in the trillion dollar club.

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote in the memo.


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