Apple has lost its first place in the ranking of the most valuable companies in the world, which it has held since 2020. Despite record revenue in the first quarter of 2022, the firm lost the lead to Saudi Aramco, the UAE’s state-owned oil company.
In fairness, we note that the difference between the brands is “small”. Apple currently has a market value of $2.42 trillion, while Saudi Aramco is only $0.01 trillion higher.
The main reason for this change in the ranking was a sharp drop in the value of Apple. Since the beginning of the year, it has fallen in price by 19%, while competitors from the east, on the contrary, have risen in price by more than a quarter, + 27%.
This is due to the unstable economic situation in the global market. In such conditions, shareholders of technology companies actively sell them, preferring to invest in energy companies.To Read Great Articles, Click Here