Apple lost its leadership among the most valuable companies in the world. Saudi Armaco from Saudi Arabia took the first place.
This happened due to a sharp drop in the company’s shares. In one day, the technology giant’s securities fell immediately by 5%. Thus, according to the results of trading, the market capitalization of Apple amounted to 2.37 trillion dollars. The crown of the championship was picked up by an oil company from Saudi Arabia, showing a result of 2.43 trillion dollars.
It is worth noting that Saudi Armaco has long been stepping on the heels of the “apple” corporation. The unstable situation with oil supplies has become a natural reason for its rise in price. So at the beginning of the year, the shares of the oil company rose by 25%, while Apple showed a decline of 20%.
The situation is likely to be temporary and Apple will return to the podium. However, it shows well how a volatile market cap can shake even the most powerful company in the world. The last time this happened was in 2020.
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