May 12, 2022
Apple loses position as most valuable firm amid tech sell-off
Apple has lost its position as the world's most valuable company amid a broad sell-off of technology stocks. Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from the iPhone maker for the first time in almost two years. Shares in Apple fell by more than 5% in New York on Wednesday to end the trading day with a stock market valuation of $2.37tn.That meant it lost its position as the most valuable company in the world to oil and gas producer Aramco, which was valued at $2.42tn.It is the first time that Aramco has held the top spot since 2020. Meanwhile Apple's shares have fallen by almost 20% since the start of the year after a sell-off in technology stocks. The world's biggest and best-known cryptocurrency has now lost almost 60% of its value since hitting a record high in November last year.
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