Apple has lost its position as the world’s most valuable company to Saudi Arabian oil and gas producer Aramco amid a broad investor sell-off of tech stocks and a surge in energy prices.
Shares in Apple fell by more than 5 percent in New York on Wednesday to end the trading day with a stock market valuation of $2.37 trillion, slightly below that of Aramco, which was valued at $2.42 trillion.
It marks the first time that Aramco has held the position of the world’s most valuable company since 2020.
The change in the leading position comes as investors look to less risky assets amid a shifting global economy that has been plagued with rising inflation and ongoing supply chain issues, promoted by the COVID-19 pandemic.
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