When $1 is worth almost $600


Today Steve Jobs and Company, also known as Apple Computer announced that the sold more than a million songs from its new iTunes store – full disclosure: I bought three songs for $3. “In less than one week we’ve broken every record and become the largest online music company in the world,” said Steve. Actually thatÌs just over a million dollars in sales. The stock markets reacted promptly and the shares of the company rose 11% or $1.64 to about $16.09 a share. Now that works out to about $598.6 million in additional market capitalization. Apple has about 396 million shares outstanding. In the convoluted world of Apple math, $1 is worth $598.6. Go figure!

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