Yesterday, Saudi Aramco overtook Apple as the world’s most valuable company. Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion, according to data from Refinitiv.
Apple’s stock has fallen more than 17% since January, and last month the company warned of huge losses, saying that production and logistics issues could hit sales by as much as $4 billion to $8 billion this quarter.
On the other hand, energy giant Aramco’s shares are up 27% so far this year, as oil prices have soared to record highs — particularly due to concerns about disruptions of supply from Russia since its invasion in Ukraine.
But market capitalizations fluctuate frequently, and both companies have been at the top of the leaderboard before.
Earlier this year, Apple hit the $3 trillion mark, making it by far the most valuable company on the planet.
Aramco was the world’s most valuable company in 2019 after a historic public offering, which propelled it’s valuation to $2 trillion.
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