Apple tipped to topple Exxon Mobil as the world’s most valuable company
04 Oct 2010
Apple Inc, which ignited the personal computing revolution in the 1970s with the iconic Mac, and came up with its best selling product, the iPod, in the 2000s, is on its way to overtake oil giant ExxonMobil as the world's most valuable company.
With devices like the iPod, the iPhone and the newly launched Ipad in its portfolio, the California-based technology giant co-founded by Steve Jobs in 1976 will soon overtake ExxonMobil to become the world's largest company by market capitalisation.
Although there is a $60 billion difference in Apple's and Exxon's market capitalisation, Apple's total share value is close to edging Exxon. Once that happens, Apple will be the No1 ranked Standard and Poor's 500, the market index used by most professional money managers.
It is an outstanding feat for a company that was in the doldrums just a decade ago and had to fire Jobs for his uncanny ability to make expensive launches of untested products.
Today, under Jobs, Apple's stock price is at $282.52 compared to a measly $7 a share 10 years ago.
The Standard and Poor's 500 was dominated two decades ago by Apple's rival International Business Machines until it was toppled by other giants like General Electric Co., AT&T and General Motors.