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- Apple Hits $3 Trillion Market Cap After Spending More Than Half a Trillion Dollars On Stock Buybacks Since 2013
Apple Hits $3 Trillion Market Cap After Spending More Than Half a Trillion Dollars On Stock Buybacks Since 2013
by Pam Martens and Russ Martens Wall Street on Parade
According to S&P Dow Jones Indices, component companies of the Standard & Poor’s 500 spent $922.7 billion in 2022 buying back their own stock. That was $41 billion more than the S&P 500 companies spent in 2021, which came in at a lofty $881.7 billion.
One of the companies leading the stock buyback parade is Apple. Of the $922.7 billion spent on stock buybacks in 2022 by all companies in the S&P 500, Apple represented 10 percent of that spending with $90.2 billion in buybacks of its own stock.
On Friday, June 30, 2023, Apple, the iPhone manufacturer, closed the trading day in New York with a market value (market capitalization) of just over $3 trillion, an historic record. Apple’s $3 trillion market value is eight times that of the second largest mobile phone manufacturer, Samsung.