As of today, Apple is no longer the world’s most valuable company. Saudi Arabian oil company Aramco has now taken over that title. According to Bloomberg, this reversal is because of a surge in oil prices due to current inflation increases.
Aramco, which hit a $2.43 trillion market capitalization, has surpassed Apple for the first time since 2020. As of 1:05pm ET today the Cupertino company’s stock fell 3.9% on the New York Stock Exchange (NYSE). Earlier in the year, Apple announced its $3 trillion market value, about $1 trillion more than Aramco’s. Since, the company has dropped 16% while Aramco has bumped up 27%.
