Saudi Aramco Overtakes Apple to Become World’s Most Valuable Company

• Oil giant Saudi Aramco has surpassed Apple to become the world’s most valuable company.

• Aramco’s market valuation hit $2.43 trillion while Apple’s dropped to $2.37 trillion on Wednesday.

• The move shows a shift in the market as a result of rising interest rates, inflation, and supply chain challenges.

Apple has lost its title as the world’s most valuable company. The technology giant was surpassed on Wednesday by Saudi Aramco, Saudi Arabian oil giant.

According to FactSet, which converted the market cap to dollars, Aramco’s valuation was around $2.34 trillion on Wednesday. Apple, on the other hand, fell more than 5% during trading hours in the U.S on Wednesday. The tech company is now worth $2.37 trillion, slipping to second.

Energy stocks and prices have been on the rise, adding to revenue for oil companies. Meanwhile, investors are beginning to sell off equities in several industries over fears of a declining economy. Apple has lost more than 20% of its company valuation from when it peaked at $182.92 per share on Jan.4.

This move indicates a change in the market as investors continue to juggle managing rising interest rates, inflation, and supply chain challenges.

Saudi Aramco’s stock is up over 27% in 2022. Just in March, the company revealed that high oil prices had helped its full-year profit to double last year.

Read also: Tinder’s Match Group Sues Google Over Play Store Billing

Before Apple, Saudi Aramco was the world’s most valuable publicly-traded company. The tech giant surpassed the oil company for the number 1 spot in 2020.

According to Companies Market Cap, Microsoft, Alphabet, and Amazon are the only other companies that rank in the trillion-dollar market cap club.  Microsoft is valued at $1.948 trillion, Alphabet ($1.499), and Amazon ($1.072).

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news and gist.