The value of the shares of Apple Inc. have surged after it was declared a public company by the Securities and Exchange Commission.
Shares in the US tech giant surged 1,000% in a year after the SEC announced it would allow companies to file as public companies to take advantage of the JOBS Act’s tax break.
Investors are flocking to Apple as the company is facing growing competition from the likes of Amazon.com Inc. and Alphabet Inc.’s Google.
The SEC also approved Apple’s initial public offering, raising the total amount of money the company can raise in a private market to $56 billion.
Apple shares rose 1,972% from the start of the year to $130.43 in New York trading on Tuesday.
That is the biggest increase since the start the year, when they fell 6%.
The stock’s value jumped 4% on Monday, according to FactSet data.
Apple, the world’s biggest smartphone maker, has seen its share price rise steadily over the past decade.
Its stock has risen by as much as 10% in the past two years alone, according the S&P 500.
Apple was ranked fifth on the S & P 500 last year, with a market cap of $42.8 billion.
It was valued at $50 billion in 2015.
The S&s ranking has been revised upward to 9th from 10th after Apple was deemed to be a public holding company under the JOB Act, the SEC said in a statement.
Apple will file its IPO in 2019, according Reuters.
The company has been struggling with slowing smartphone sales as more people turn to apps like Apple’s Siri, the company’s voice assistant that can speak to the device.
In the fourth quarter, Apple posted its first quarterly loss in four years as sales fell 4% in iPhone sales, and its share value fell 6.9% to $122.43.
The stock has gained 12.7% this year, outperforming its benchmark S&p 500 index of 2,721.60.
Apple is valued at more than $1.9 trillion, more than double its market value.