After becoming the first U.S. company to reach a market capitalization of $2 trillion last week, Apple’s stock continues to soar as investors pour money into the company. Apple’s stock officially opened this morning above the $500 mark, up another 3.5% to $515.
Apple and other tech heavyweights have seen their share prices rise significantly since market lows in March, with Apple more than doubling from its low of $224.
Apple’s time as a $500+ stock will be short-lived even if it doesn’t drop due to market trading, as the company’s four-for-one stock split will take place at the close of trading on Friday, lowering Apple’s share price to around $125. Apple’s overall market value will be unchanged, however, as shareholders will receive three additional shares for each share they currently own.