Apple on Wednesday was dethroned as the world’s most valuable company by Saudi Arabian oil giant Saudi Aramco.
Aramco traded close to its record level and snuck just under $2.43 trillion on Wednesday, surpassing Apple for the first time since 2020. Apple’s market valuation sat at $2.37 trillion, after falling some 5.2% closing at $146.50 a share on Wednesday. The tech giant previously saw a 52-week high share price of $182.94, according to Yahoo! Finance.
Soaring oil prices have contributed to increased profits at Aramco, while also worsening rising inflation that is causing the Federal Reserve to raise interest rates fast.