17 May 2022

Saudi Aramco overtakes Apple as world’s most valuable company.

Apple has lost its crown as the world’s most valuable company to the oil giant Saudi Aramco, as soaring commodity prices swell profits at energy companies and technology stocks continue to slide.

In a sign that the old economy is reasserting itself over the new this year, Aramco eclipsed Apple on Wednesday night amid the ongoing rout on Wall Street.

Share in Apple, which had become the world’s first $3tn company in early January, sank another 5% on Wednesday 11 May 2022, knocking its value down to $2.37tn (£1.94tn) – an 18% drop this year.

This pulled the iPhone maker’s valuation below Aramco, whose market capitalisation has climbed by a quarter this year to hit $2.43tn, stoked by the surge in oil prices since the Ukraine war began.

Source: www.theguardian.com

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