News
Apple loses its spot as the world’s most valuable company
To the surprise of no one, an oil giant is now the world’s most valuable company.
Just a heads up, if you buy something through our links, we may get a small share of the sale. It’s one of the ways we keep the lights on here. Click here for more.
Sorry Tim Cook, Apple is no longer the world’s most valuable company. Instead, that title now belongs to an oil company, Saudi Aramco.
The Saudi oil giant overtook Apple on Wednesday with a market valuation of $2.43 trillion. Apple saw a 5% decline in the markets in the U.S., bringing down its total market valuation to $2.37 trillion, reports CNBC.
So why is Apple’s stock declining? There are a few reasons, but the gist of it is that most technology stocks are taking a beating, while energy stocks such as oil are steadily climbing.
Apple’s shares have fallen nearly 20% since their high of $182.94 on Jan. 4. Previously, Saudi Aramco held the title of the world’s most valuable publicly-traded company, but Apple claimed that position in 2020 to become the most valuable company globally.
With all the stuff that’s going on in the world like inflation, supply chain woes, and, you know, war – it’s not surprising to see an oil company rise to the ranks of being the most valuable company in the world.
Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.
Editors’ Recommendations:
- Google drops Pixel 6a headphone jack after roasting Apple about it
- RIP: Apple is discontinuing the iPod Touch
- Where is the ‘i’ icon on the Apple Watch and how do you use it?
- Everything that has been revealed in the Apple vs. Epic Games lawsuit
Follow us on Flipboard, Google News, or Apple News
