Apple overtakes Exxon Mobil as world’s most valuable company

For a “brief moment, around a quarter of 1 pm, Eastern, Apple (AAPL) was the richest stock in the world, toppling Exxon Mobil (XOM) with a market cap of about $341 billion, as Exxon began to break down,” Tiernan Ray reports for Barron’s.

“Apple rose to a high of $369.89, giving it a market cap of $342.8 billion, with 927 million shares outstanding,” Ray reports. “Exxon rose fell as low as $68.78, reducing it to a market cap as low as $334.41 billion. Somewhere around $340 billion, the two crossed over.”

It’s all “rather remarkable considering that when CEO Steve Jobs returned to Apple in August of 1997, and soon after was named ‘interim CEO,’ the company had about 128 million shares of common stock outstanding, which were trading then in the neighborhood of $5 to $6 per share, between $600 million and $800 million in market capitalization,” Ray reports. “Considering that Apple is down 10% from a recent 52-week high of $404.50, it’s certainly quite conceivable that the two could trade places again in short order.”

Read more in the full article here.

MacDailyNews Take: Congrats, Apple!

What I can’t figure out is why he [Steve Jobs] is even trying [to be the CEO of Apple]? He knows he can’t win.Bill Gates, June 1998

 

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47 Comments

  1. As a long time Mac user, this is fun to watch, and certainly will turn some heads when it rolls on the evening news. In the grand scheme of things it doesn’t mean a whole lot.

    The only thing that matters is Apple’s ability to continue to innovate with creative disruption, and their profit margins.

    That being said i think this market cap still has a long way to go.

  2. Apple’s capitalization in 1997 was about $2-4 billion, not $$600-800 million.

    And Apple certainly had more shares in 1997 than cited in the article. They had two 2-1 slits between then and now, so go figure more sane number.

  3. May Steve Ballmer remain CEO as long as it takes! Well crap, Apple is crushing Microsoft (and every other company on the planet) by every meaningful metric. Maybe we should say “may Steve Ballmer remain CEO longer that it took?”

      1. Likewise since 1989, 2 x Mac SE’s, 1 x IICX, used in my small manufacturing co.

        Was worried in mid 90’s but kept the faith, never looked back since. Onwards and upwards.

  4. Very interesting, especially considering that many Verizon users are holding off buying an iPhone until the iPhone 5 comes out, and the iPad is just catching up to demand.

    The other interesting aspect of this is that Exxon Mobile really doesn’t have any way to innovate/change – basically finding new petroleum sources is about it. While Apple can morph and change as technology changes (or as Apple causes technology changes).

  5. Amazing performance!

    Particularly when various pundits have continually predicted the demise of Apple ever since its launch.

    As for Michael Dell, did he ever retract his SIDAGTMBTTS comment?

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