Google’s parent Alphabet has snatched the decade-old title of king of the corporate cash pile from Apple after the iPhone maker reduced its financial reserves by $60bn in the past 18 months.
The switch in leadership follows a concerted effort by Apple to cut its cash hoard, six years after it first came under pressure from activist investor Carl Icahn to pay out more to shareholders.
Apple’s holdings of cash and marketable securities, net of debt, has dropped to $102bn, down from a peak of $163bn at the end of 2017, according to figures in both companies’ earnings reports.
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