2 years ago
Apple Loses Position As World's Most Valuable Company to Oil Giant Aramco
Apple stock fell by around 5% on Wednesday to $146.50, down nearly 20% since the start of the year. Apple's market capitalization dropped to $2.37 trillion. Oil giant Saudi Arabian Aramco regained the top spot from Apple, a position it lost to the iPhone maker in 2020. Aramco's stock has risen by more than 27% this year and profits doubled last year due to soaring oil prices. Aramco's stock market valuation is now just under $2.43 trillion.
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