Alphabet has reportedly overtaken Apple as the most cash-rich company in the world
Alphabet, the parent company of Google, has dethroned Apple as the most cash-rich company in the world, according to reports.
Alphabet now has $117bn in net cash compared to Apple’s $102bn, according to the Financial Times.
The reversal comes as the iPhone maker has made deliberate moves to reduce its liquidity.
Taking advantage of US tax reforms, Apple decided to bring the $285bn it was holding overseas back to America.
Over the past 18 months, it has spent $122bn on buying back stock and paying dividends, according to the LA Times.
This effectively helped to reduce the its cash reserves.
Meanwhile, Alphabet’s cash reserves have surged by $20bn during the same period.