Apple no longer world’s most valuable company

Must read

Democrats Bracing Themselves For More SCOTUS Decisions They Don’t Like

Even if Donald Trump never runs for president ever again, the mark he left on the Supreme Court...

Hollywood Conservative Jon Voight Calls On Joe Biden To Be Impeached

Conservative actor Jon Voight posted a video to social media earlier this week calling for the impeachment...

Report: GOP Megadonors Abandoning Trump After Jan 6 Hearings

Some may be thinking that the House Select Committee on Jan. 6 hearings may be nothing more than...

Liberal Celebrity Wanda Sykes Attacks Middle America, Providing Electoral College Fans A Built-In Argument

Liberal comedian Wanda Sykes has no problem voicing her contempt for those who dare to think differently than...

Oil giant Saudi Aramco eclipsed Apple to become the world’s largest firm by market capitalization, media reports, citing data from Refinitiv.

Aramco’s market valuation reached just under $2.43 trillion on Wednesday against Apple’s $2.37 trillion, data shows.

Apple’s shares dropped more than 5% during trading in the US on Wednesday, while losing nearly 20% since its $182.94 peak on January 4. Investors are promptly selling off technology stocks amid the unstable economic environment, with hiked interest rates, soaring inflation, and supply chain problems.

Energy stocks and prices, on the other hand, have been rising, largely amid fears of supply disruptions due to Western sanctions on Russia over the conflict in Ukraine. This gave a boost to the energy giant’s value, with Aramco’s stock currently up roughly 27% in 2022. At the end of the fiscal year 2021 in March, the company said last year’s profits more than doubled on the jump in oil prices.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Democrats Bracing Themselves For More SCOTUS Decisions They Don’t Like

Even if Donald Trump never runs for president ever again, the mark he left on the Supreme Court...

Hollywood Conservative Jon Voight Calls On Joe Biden To Be Impeached

Conservative actor Jon Voight posted a video to social media earlier this week calling for the impeachment...

Report: GOP Megadonors Abandoning Trump After Jan 6 Hearings

Some may be thinking that the House Select Committee on Jan. 6 hearings may be nothing more than...

Liberal Celebrity Wanda Sykes Attacks Middle America, Providing Electoral College Fans A Built-In Argument

Liberal comedian Wanda Sykes has no problem voicing her contempt for those who dare to think differently than...

Democrat Rep. Judy Chu Arrested At The Capitol During Pro-Abortion Protest – Second Time She’s Been Arrested

Representative Judy Chu (D-CA) was arrested Thursday during a pro-abortion protest at the Capitol. Capitol police said they...