Tech giant is the fourth US firm to achieve the valuation-after Microsoft, Apple and Amazon
Google’s owner Alphabet has become a trillion-dollar company for the first time, making it only the fourth US firm to reach the bumper valuation.
Alphabet’s value, based on the price of its Wall Street-listed shares, passed $1tn (£776bn) in the final minutes of trading on Thursday night, with shares closing at a record high of $1,450.16 each.
It marks a stellar rise for Alphabet, which floated as Google for $85 a share in 2004. After its initial public offering, the Silicon Valley firm was worth $23bn.
It has followed its tech rivals Microsoft, Apple and Amazon over the $1tn mark, amid a long rally in so-called Faang stocks.
Alphabet may be heading for fresh milestones, with some analysts predicting it could hit the $2tn mark. Christopher Rossbach, the CIO of the private investment firm J Stern & Co, believes Alphabet’s share price will continue to climb.
“As Alphabet joins Apple, Microsoft and (from time to time) Amazon among tech companies that have reached this level, it marks just the start for the company. It still has significant further room to grow, both in its core online advertising business as it innovates in advertising monetisation and formats and in its cloud computing business,” Rossbach said.
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