The world’s most powerful country is humbled by a technology giant who has made its fortune selling music systems, mobile phones and PCs.
As of August, Uncle Sam had $73.76 billion in its federal coffers while the world’s top technology company had a whopping $76.4 billion.
The second largest company on the planet, Apple has a current market valuation of $ 363.25 billion. With its entry in the Smartphone market in 2007, Apple Inc. gained new heights of success. The launch of the iPhone catapulted the Cupertino-based company, hitherto known for its uber-cool music players,
to dizzying heights.
Apple raced ahead of Canadian company Research in Motion, BlackBerry manufacturer, which had a strong hold in the Smartphone market and soon dominated the space.
With the launch of its tablet iPad, it tasted unparalleled success. The iPad sold like hot cakes and the company, already riding on the success of the iPhone, amassed a fortune. The iPhone and iPad were milestones in mobile computing technology and became the technology around which rivals built similar
devices.
The company’s stock has now touched $400. Cash-rich Apple was once a company who needed money to jumpstart it. Founders Steve Jobs and Steve Wozniak had borrowed money from an Intel executive to start Apple.
In 1986 Steve Jobs left the company following a power struggle with its then CEO. He returned in 1997 when Apple was losing money. Jobs, the interim CEO then, borrowed $150 million from Microsoft’s Bill Gates. His dedication, ruthless pursuit of aesthetic perfection, and single-minded goal of turning the
company into the top technology company took Apple to dizzying heights of success.
Apple has manufactured products which have paved the way for other technology giants, whose offerings are mere echoes of what Apple has successfully done. The iPod revolutionized the music systems. With the iPod was born the idea of music super-portability. iPhones changed the Smartphone landscape by introducing touchscreen technology.
Competitors were barely catching up with the iPhone, when Apple launched the iPad. Apple once again revolutionized and rejuvenated the once dormant tablet market. Apple boasts a dedicated consumer base who never miss the unveiling of the products and wait for hours in lines when the products are
launched. The iPods, iPads and iPhones continue selling like hotcakes and will continue to do so for a long time.
With a neat pile of cash that size, Apple can easily buy Goldman Sachs or Facebook, The Atlantic noted.
And the reason this company has this much cash is because ‘Apple takes in more money than it spends and the U.S. government does the opposite, the company by now has considerably more cash on hand than Uncle Sam.’
The US government should perhaps take some lessons from Apple in managing money and spending within the budget.
About the Author: Amanda Kidd is a blogger who also happens to be bike lover and has become a fan of the latest bikes launched by BMW. She is very fascinated by the luxury world and hence, is planning to write an article on the most expensive house and vehicles in the world.
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