A $1,000 investment in Apple on the day of its IPO on December 12, 1980, would be worth more than $425,000 today, according to CNBC calculations.
Founded in 1976, Apple went public four years later in December 1980, an event the Wall Street Journal described as “one of the most eagerly awaited in recent years.”
Apple’s 4.6 million shares went for $22 each and sold out “almost immediately,” EDN reports. The stock rose more than 30 percent that day and closed at $29 per share.
However, despite its early success, Apple struggled through much of the 1980s and 90s. In 1985, the company ousted its famously volatile co-founder Steve Jobs and began to falter in the market. It fell behind its competitors, including Microsoft, thanks to a string of failed products and turnover at the top.
By 1997, Apple was on the brink of bankruptcy and forced to lay off a third of its workers. As a last-ditch effort, it rehired Jobs and named him interim CEO. Jobs vetoed the majority of Apple’s production plans at the time and implemented a new focus on simplicity.
Under his leadership, the company released the iMac G3 in 1998, which brought Apple back to prominence. Jobs followed that with the release of the iPod in 2001 and the iPhone in 2007. The iPhone quickly became a top seller and revolutionized how customers use technology.
Today, Apple is a force to be reckoned with: In August, the technology giant became the first public U.S. company to reach a $1 trillion market cap after the stock briefly hit $207.05 per share. The surge allowed the software company to reach that milestone ahead of e-commerce giant.
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