Apple loses position as the most valuable firm in the world.
Apple has lost its position as the most valuable company in the world amid a massive sale of tech stocks.
Saudi Arabia oil and gas producer Aramco has regained the top spot from the iPhone maker for the first time in almost two years.
Investors have sold shares in tech firms as they switch to what they see as less risky assets. In addition, Bitcoin, other major cryptocurrencies and digital assets have also continued to fall sharply.
Shares of Apple fell more than 5% in New York on Wednesday to end the trading day with a stock market estimate of $ 2.37 trillion.
That meant it lost its position as the world’s most valuable company to oil and gas producer Aramco, valued at $ 2.42 trillion.
And this is the first time Aramco holds the first place since 2020. Shares in energy producers have risen this year as the cost of crude oil and natural gas has risen.
Apple shares, meanwhile, have fallen nearly 20 percent since the start of the year following a sell-off in tech stocks.