Apple Inc., maker of the iconic iPod and iPad, has more available cash than the United States government.
As of June 25, 2011, Apple boasts of cash reserves totaling $75.876 billion.
The Treasury Department of the U.S. government, on the other hand, reports a total operating balance of only $73.768 billion — around $2 billion less than what Apple owns.
Of course, the United States government is still bigger than Apple overall, but it’s a frightening statistic that one company can own more cash than the government.
Apple’s cash reserves has grown exponentially over the past five years. At the end of 2005, the company only had $9 billion cash reserves. By the first quarter of 2011, its reserves have ballooned to $65.8 billion. Three months later, in June 2011, it gained additional $10 billion to become a more liquid institution than the U.S government.
Apple Inc. is also the largest technology company in the United States, surpassing Microsoft since May 2010. Now, with its share price hovering above $400 a piece, its market capitalization is around $363 billion, making it the second largest company in the U.S., next to Exxon Mobil.