Apple reaches $2 trillion market valuation as legal battle with Epic rages on

Apple has become the first publicly listed U.S. company to reach a $2 trillion stock market valuation.

Apple has become the first publicly listed U.S. company to reach a $2 trillion stock market valuation. 

As reported by Reuters, shares in the company rose to $468.65 on Wednesday, which is equivalent to a market capitalization of just over $2 trillion. The news comes roughly two years after Apple reached a valuation of $1 trillion. 

Apple is best known for making hardware like the iPhone and MacBook, but also operates a range of popular services and platforms like the App Store, Apple TV, Apple Music, and Apple Arcade -- the latter of which is a Netflix-style subscription service for games

The company has been making headlines recently after becoming embroiled in a legal battle with Fortnite maker Epic Games -- which is currently valued at over $17 billion -- over how it operates the iOS App Store. 

Epic filed a lawsuit against Apple accusing it of "unfair and anti-competitive actions" after Fortnite was de-listed from the App Store following the addition of an unsanctioned payment method that allowed players to bypass Apple's mandated 30 percent revenue cut.

In response, Apple explained it would cut off Epic's access to its development tools by August 28, 2020, effectively prevent Epic from keeping its Unreal Engine compatible with Apple platforms. Epic has since filed a court motion to block Apple from retaliating or taking any adverse action against its businesses, but a decision has yet to be reached on the matter. 

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