It might seem a little odd that one single company is now worth more than the entire publicly traded market of a major economy. But that’s what has happened to Apple just recently: that one single firm is now worth more than the entirety of the Russian stock market.
However, this isn’t so much a story about how wonderfully Apple is doing (the valuation of Apple is still quite low going by the traditional numbers like EPS and so on), rather, it’s more of a story about how appallingly bad Russian public policy is.
Apple is now worth more than Russia’s stock market, new data have revealed. The US technology giant’s market capitalisation has overtaken the combined value of all Russian public companies for the first time in history, Bloomberg reported.
Apple, the world’s most valuable company, has added $147bn to its market cap this year and was worth $652bn as of November 12. The shares closed up 1.2pc to $114.18 each on Friday.
Russian equities have fallen $234bn to $531bn in the same period, Bloomberg data stated. Bloomberg, the originators of the calculation, go rather further. You’d actually have enough money left over to buy every Russian an iPhone as well.