Published: Sun, August 05, 2018
Markets | By Noel Gibbs

Tim Cook writes to employees on Apple's $1 trillion valuation

Tim Cook writes to employees on Apple's $1 trillion valuation

After a hectic week in trading, iPhone manufacturer Apple yesterday became the world's first $US1 trillion dollar company after shares closed above the threshold needed to reach the benchmark. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion.

But Amazon's market capitalization would overtake Apple's later in 2018 if both companies shares were to continue their 12-month growth pace. State oil company PetroChina briefly broke the US$1 trillion barrier in 2007 during its initial public offering, but has since dropped back down.

Average analyst price targets put Apple's stock market value at $1.05 trillion, Amazon at $1.02 trillion, Alphabet at $970 billion and Microsoft at $953 billion, according to Thomson Reuters data. But for right now, Tim Cook has been riding the wave that Steve Jobs handed him in 2011 to new heights.

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The amount of payout to Cook every year can vary significantly depending on where Apple stands relative to other companies in the S&P 500 index. However, his net worth is tied to Apple stock in a less conspicuous way.

Amazon (AMZN.O), Microsoft (MSFT.O) and Alphabet (GOOGL.O) are locked in a tight race to become the second publicly-listed USA company to reach a $1 trillion stock market value after Apple (AAPL.O) became the first to touch the 13-digit milestone. "It's one of those things that does not mean anything by itself... it's more a testimony of the importance of Apple on the market".

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.

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"Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values", he wrote.

Together with Facebook (FB.O), the five largest USA companies account for 15 percent of the S&P 500.

Though many investors consider Apple a hardware company, Jackson said most consumers have a different relationship with Apple's products.

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"Just as Steve always did in moments like this, we should all look forward to Apple's bright future and the great work we'll do together".

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