A new article in Business Journal details how consumer electronics powerhouse Apple has more cash on hand than the world’s largest sovereign government.
Apple sat on a cash pile of $76.2 billion at the end of the June quarter, the sum which is comprised of cash, cash equivalents and marketable securities. Per this statement from the US Treasury, the government had an operating cash balance of $73.8 billion at the end of Wednesday, July 27.
Apple also owes nothing to banks. Since CEO Steve Jobs took over the company in the early 90′s, the company has been debt-free.