Apple becomes first $1 trillion US company

CAIRO, Aug 3  (SEE) - Apple became on Thursday the first US company with a market capitalization of over $1 trillion.

The company'a value reached $1 trillion after 42 years of its foundation and 117 years after US Steel became the first company to be valued at $1 billion in 1901, according to The Guardian.

The shares of the iPhone maker closed at $207.39 yesterday, marking a historic turning point

The rise in Apple’s share price was backed by quarterly financial results released on Tuesday that were better than Wall Street had expected.

Apple was co-founded in 1976 by Steve Jobs, Ronald Wayne and Steve Wozniak, who is credited with designing and building the company’s first desktop computer, the Apple I, which sold for $666.66.