Tim Cook Says Apple's $1 Trillion Value is a 'Significant Milestone' But 'Not the Most Important Measure of Success' in Employee Memo
Apple today reached a major milestone and became the first publicly listed U.S. company to reach a $1 trillion market capitalization. Following the news, Apple CEO Tim Cook, who did not comment publicly on the occasion, sent out a memo to employees, which was shared by Buzzfeed.
In the memo, Cook said that while the valuation is a "significant milestone" that the company should be proud of, it's not the most important measure of Apple's success. He instead thanked employees and said that it's their hard work and refusal to settle for less that makes Apple great.
Today Apple passed a significant milestone. At our closing share price of $207.39, the stock market now values Apple at more than $1 trillion. While we have much to be proud of in this achievement, it's not the most important measure of our success. Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values.
It's you, our team, that makes Apple great and our success is due to your hard work, dedication and passion. I am deeply humbled by what you do, and it's the privilege of a lifetime to work alongside you. I want to thank you from the bottom of my heart for all the late hours and extra trips, all the times you refuse to settle for anything less than excellence in our work together.
Let's take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company.
Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges -- and that the people who are crazy enough to think they can change the world are the ones who do. In today's world, our mission is more important than ever. Our products not only create moments of surprise and delight, they empower people all around the globe to enrich their lives and the lives of others.
Just as Steve always did in moments like this, we should all look forward to Apple's bright future and the great work we'll do together.
With a closing stock price of $207.39 following a record breaking Q3 earnings report on Tuesday and a total of 4,829,926,000 outstanding shares as of July 20, Apple successfully beat Amazon, Microsoft, and Google parent company Alphabet to a $1 trillion valuation.
Apple is set to have yet another strong quarter with the 2018 iPhones, new iPad Pros, new Apple Watch models, and new Macs on the horizon.