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.
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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.