Apple, Inc. AAPL is the 800-pound gorilla of the tech world and has grown into a force to reckon with, helped primarily by the sticky nature of its ecosystem. And Tesla CEO Elon Musk recently singled out a reason for the company's massive success.
What Happened: Since racking up a loss of $1 billion in 1997, Apple’s fortunes have turned around and now makes a profit of $1 billion every three days, Bloomberg anchor Jon Erlichman wrote in a tweet on Thursday.
In 1997, Apple lost $1 billion.
— Jon Erlichman (@JonErlichman) April 13, 2023
Today, it makes $1 billion every 3 days: pic.twitter.com/DhSQ8mwL12
He also shared a graphic of a 1997 cover from Wired, which shows an old Apple logo surrounded by a crown of thorns and rays radiating. The graphic was accompanied by the word “Pray.”
See Also: Everything You Need To Know About Apple Stock
Musk Credits Leadership: Musk, who himself is a successful entrepreneur and runs multiple businesses, credited Apple’s management for its fortune.
“Leadership can make all the difference in the world,” he tweeted on Friday in response to Erlichman's post.
Leadership can make all the difference in the world
— Elon Musk (@elonmusk) April 14, 2023
In 1997, Apple was on the brink of bankruptcy even as the rest of the tech industry was faring well. It was then that Steve Jobs, who co-founded Apple and was forced out of the company in 1985 due to a power struggle, made his way back into the company. Jobs took over the reins of the business and churned out one successful product after another.
Jobs' successor Tim Cook, though panned for not rolling out radically different products, has shepherded the company fairly well since, adding significant value to the company in the eyes of shareholders.
Apple closed Friday's session at $165.21, down 0.21%, according to Benzinga Pro data. It is the world's most valuable company with a market cap of $2.614 trillion.
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