Apple has just announced that the App Store has hit 50 billion application downloads, ending the $10,000 iTunes gift card giveaway promo. This promotion was announced on May 2nd and was set to end whenever the App Store hit the 50 billion download mark. The person who downloaded the 50 billionth app will receive a $10,000 gift card, while 50 others will receive $500 gift certificates.

This isn’t the first time we’ve seen Apple run promotions for its milestone download numbers. The company celebrated in a similar way for its 25 billionth app download, which took place just 14 months ago. We’ve also seen the company celebrate iTunes music store milestones with giveaways.

Apple released the following statement on the 50 billion app download page:

It’s official—the 50 billionth app has been downloaded. Check back soon when we announce the winner of the $10,000 App Store Card. Plus, check out the most popular paid and free apps—each one having played a big role in achieving this historic benchmark.

Apple has yet to announce the winner of the 50 billion application download promotion, but we’ll let you know when the name is announced.