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Apple Is No Longer the World's Most Valuable Company

Friday May 13, 2022. 01:30 AM , from Slashdot
Oil giant Saudi Aramco on Wednesday surpassed Apple as the world's most valuable firm. CNBC reports: Aramco's market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market cap to dollars. Apple, which fell more than 5% during trading in the U.S. on Wednesday, is now worth $2.37 trillion. Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on Jan. 4. The move is mostly symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems.

Read more of this story at Slashdot.
https://apple.slashdot.org/story/22/05/12/2116229/apple-is-no-longer-the-worlds-most-valuable-compan...
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