According to the news agency AFP, Saudi Aramco replaced Apple as the world’s most valuable company. Saudi Aramco is the Saudi Arabian national oil and gas company.
A spike in oil prices led the company’s shares to rise to 46.20 riyals on Wednesday, making it the world’s largest oil producer. At the close of the market, its shares were valued at $2.42 trillion (9.24 trillion riyals), which is equivalent to $2.42 trillion (9.24 trillion riyals).
Dow Jones Industrial Average fell 326.63 points (1.02%) to 31,834.11. Nasdaq Composite lost 3.18% to close at 11,364.24, while S&P 500 lost 1.65% to 3,935.18.
Yesterday, Apple’s share price fell by more than 5 per cent to close at $146.50. The company has seen its share price decline over the past month, and its market capitalization was $2.37 trillion when trading ended on Wednesday.
Despite Apple reporting better-than-expected profits in the first quarter of the current fiscal year, its stock price sank.
Microsoft is another American multinational technology company that is in the third position in terms of market capitalization in the world. It is followed by Alphabet, the parent company of Google.