Apple Stockpile Worth More Than UK, Canada Reserves
Apple’s stockpile of cash has topped a quarter of a trillion dollars, a booty that exceeds the combined foreign-currency reserves held by the UK and Canada combined. More than 90 percent of its stockpile is parked outside of the US, but has raised eyebrows as President Donald Trump proposes slashing business taxes and offering a one-time tax holiday on corporate cash brought home.
Apple’s quarterly results, due out today, will show the company has doubled its cash pile in just over 4.5 years. In the last three months of 2016, it racked up new cash at a rate of about US$3.6 million an hour according to the Wall Street Journal.