Apple is no longer the world’s most valuable company, after Saudi Arabia’s oil company Aramco has overtaken the Cupertino-based company after a record-breaking IPO. Saudi Aramco dethroned Apple, which was valued at around $1.2 trillion after it went public.
Apple has been holding on to the top position since February of 2019 and has been for some time consolidating its position as the world’s most valuable public company. Microsoft, which is not very far behind also displaced Apple briefly. Apple became the first public company to reach $1 trillion valuation in August 2018.
Apple closed November 14 with a $1.17 trillion market cap. Incidentally, after its quarterly results in November, it surged past the entire US energy sector’s market cap. Its stock surged the company topped Wall Street's estimates for both revenues and profits, thanks to strong sales of its products and online services.
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