Feb. 24 marks the birthday of the late Steve Jobs, one of the most visionary technology leaders of all time and the co-founder and former CEO of Apple Inc, which is today one of the most valuable companies in the world.
Here's a look back at Jobs unveiling one of the key products of his lifetime and how much an investment in Apple stock during this moment would be worth today.
What Happened: The iPhone is one of the most recognizable products worldwide and helped Apple dominate the smartphone global market in 2023, with seven models of the popular phone ranking among the top 10 selling smartphones.
The revolutionary phone was unveiled by Jobs at Macworld in San Francisco on Jan. 9, 2007.
At the time, the company said the iPhone combined three products: a mobile phone, a widescreen iPod and internet communications.
"iPhone is revolutionary and magical product that is literally five years ahead of any other mobile phone," Jobs said. "We are all born with the ultimate pointing device — our fingers — and iPhone uses them to create the most revolutionary user interface since the mouse."
The iPhone was officially released in the U.S. on June 29, 2007 and went on to become one of the most important product releases in Apple's history.
In 2023, the latest version of the iPhone, the iPhone 15, was released.
Jobs served as CEO of Apple on two occasions, including his last stint from 1997 to 2011. He announced that he would step down as CEO on Aug. 24, 2011 and tapped Tim Cook to be the next CEO. Jobs passed away two months later on Oct. 5, 2011, from complications resulting from pancreatic cancer.
While Jobs is no longer with us, his lasting legacy continues to be seen in Apple's dominance as the world's largest company.
Related Link: Steve Jobs Got A New Porsche Every 6 Months: Here’s The Strange Reason Why
Investing $1,000 in Apple Stock: Shares of Apple traded higher the day after Jobs’ announcement of the iPhone. Apple shares traded for a split-adjusted $3.38 at the open on Jan. 10, 2007.
Apple shares had splits in both 2014 (7-for-1) and 2020 (4-for-1), which impacted the starting price for the calculations.
Based on a starting price of $3.38, a $1,000 investment in Apple stock after the iPhone announcement would have equated to 295.86 shares.
The $1,000 investment would be worth $54,000.37 today, based on a price of $182.52 for Apple at the time of writing. This represents a return of 5,300.0% over the past 17 years.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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