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Apple is no longer the most valuable company in the world, losing the title to an oil giant

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In August 2020, Apple became the most valuable company in the world, a position maintained until now.

A collateral victim of the crash that hit most tech companies, Apple lost more than $ 15 in stock, from a high of $ 156.72 on May 10 to $ 140.91 two days later. The evolution of Apple’s share price is not a singular case, most technology companies losing massively in value in recent days

The company that produces the iPhone and iPad has been overtaken by the Saudi giant Aramco, which is fully benefiting from the rise in oil prices.

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It didn’t help that Bitcoin and the rest of the cryptocurrency market synchronized with the traditional stock markets, experiencing their own crash, but much amplified.

In absolute terms, the value of Apple shares fell by more than 5% in just one day, leaving the company with a total value of $ 2.37 trillion (thousands of billions). For comparison, oil giant Aramco rose to a market value of $ 2.42 trillion, regaining its lost position in 2020.

In total, Apple’s share price has fallen by almost 20% since the beginning of this year, contributing to the substantial losses suffered by investors who have placed most of their equity investments in large technology companies.

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However, the losses suffered by Apple investors fade compared to those suffered by investors in cryptocurrencies, Bitcoin, the main cryptocurrency, losing more than 50% of its value, from November until now.

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