Apple replaced as world’s most valuable company by oil firm Aramco

Apple replaced as world’s most valuable company by oil firm Aramco

May 12, 2022 0 By [email protected] (William Gallagher)



AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content.

A drop in the value of Apple’s shares means oil and gas producer Aramco has regained the title of most valuable company.

Aramco is a Saudi oil giant, and it is the company that Apple unseated in 2020, following a record-breaking earnings report. Aramco itself had only topped the list in 2019, which is when it went public.

According to BBC News, Apple lost its position at the top because of a general selling off of stocks in technology firms. Reportedly, investors are moving into energy producers as they are currently seen as safer bets than technology firms.

Apple’s shares dropped 5% in trading on May 11, as BBC News says the technology-heavy NASDAQ closed 3.2% down.

NASDAQ has previously been driven to record highs by Apple.

As its current drop is seemingly related to movement of shares between firms, rather than as specific reaction to any one company’s actions, it’s likely that Apple will regain the top spot shortly.

You can read the original article here —> [ Read More ]

Sponsored Posts

February 6, 2022 0

NordLayer — more than a business VPN

By Sponsored

Cybersecurity threats have become vast and more sophisticated. The rate of malware attacks and malicious activity counts within seconds despite the size or sector the organization belongs to — no...

close

Don't miss a beat!!

We’d love to keep you updated with the latest tech news from across the internet!

Don't worry, we don’t spam!