Source: New York Times
On Wednesday Apple became the first U.S. company to hit a $2 trillion valuation when its shares climbed 1.2 percent to $467.78 in morning trading.
Apple’s rapid rise to $2 trillion is particularly astonishing because the company has not done much new in the past two years.
Apple has repurchased more than $360 billion of its own shares since 2012, by far the most of any company, and has announced plans to spend at least tens of billions of dollars more on Apple stock.
Apple has increased its buybacks since it used the Trump administration’s 2017 tax law to bring back most of the $252 billion it had once held abroad. Apple has $194 billion in cash and bonds.
Critics have argued that it also increases inequality because it mostly enriches wealthy investors and the company’s own executives, who are often large shareholders, as is the case with Apple.
Full Story @ New York Times
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