apple inc AAPL is the 800-pound gorilla of the tech world and has grown into a force to be reckoned with, helped largely by the sticky nature of its ecosystem. And Tesla CEO Elon Musk recently singled out one reason for the company’s massive success.
What happened: Since losing $1 billion in 1997, Apple’s fortunes have changed and it’s now making $1 billion in profits every three days, Bloomberg host Jon Erlichman tweeted Thursday.
He also shared a graphic of a 1997 Wired cover showing an old Apple logo surrounded by a crown of thorns and radiant rays. The graphic was accompanied by the word “Pray”.
See also: Everything you need to know about Apple stock
Musk Credits Leadership: Musk, who is a successful entrepreneur himself and runs several companies, credited Apple’s management with his fortune.
“Leadership can make all the difference in the world,” he tweeted Friday in response to Erlichman’s post.
In 1997, Apple was on the brink of bankruptcy while the rest of the tech industry was doing 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, returned to the company. Jobs took over the reins of the company and produced one successful product after another.
Jobs’ successor timcook, While not planning to launch any radically different products, it has since run the company fairly well and added significant value to the company in the eyes of shareholders.
Apple closed Friday’s session at $165.21, down 0.21% Benzinga Pro data. It is the most valuable company in the world with a market cap of $2.614 trillion.
Continue reading: Apple stock offers opportunity for 25% upside, analyst says: “Gold installed base…linchpin of our bullish thesis in a shaky macro”
Photos: Shutterstock
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