Tim Cook Thanks Employees in Memo After Apple’s Enormous $1 Trillion Valuation

Tim Cook Thanks Employees in Memo After Apple’s Enormous $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.

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. Despite a decent earnings report, though, Amazon ended up a few millions short and stabilized near $900 billion for most of the past week. The company's stock price started rising subsequently, resulting in 2.92 percent gain during the trading hours and closing at $207.39 in NY on Thursday.

Cook is somewhat an anomaly in Silicon Valley's mega-tech CEO club. Apple's rising share price also speaks to the company's impressive ability to keep consumers interested in the iPhone, an impressive feat given that Apple's smartphone has now been around for more than 10 years. Apple is now up more than 20% this year.

Today Apple passed a significant milestone.

On Wednesday, Apple's shares closed up nearly 6 percent and this was seen as its best one-day gain in 18 months, after reporting better-than-expected results on Tuesday night. If Apple was in the middle third, Cook's equity payout would have been cut in half; if Apple ended the three-year period in the bottom third of the S&P 500, he wouldn't have received anything.

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Cook said, "While we have much to be proud of in this achievement, it's not the most important measure of our success".

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

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

"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.

In the two decades since, Apple has risen to become the most valuable company in the world by helping popularize yet another era in computing, the smart phone.

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