By , MacRumors

Apple has lost its position as the world’s most valuable company, after a broad sell-off of technology stocks and a rise in the price of oil.

Apple stock fell by around 5% on Wednesday to $146.50, down nearly 20% since the start of the year. Apple’s market capitalization dropped to $2.37 trillion.

Oil giant Saudi Arabian Aramco regained the top spot from Apple, a position it lost to the iPhone maker in 2020. Aramco’s stock has risen by more than 27% this year and profits doubled last year due to soaring oil prices. Aramco’s stock market valuation is now just under $2.43 trillion.

For more details, read the complete story at MacRumors:

https://www.macrumors.com/2022/05/12/apple-loses-top-spot-most-valuable-company/

More from MacRumors:

Foldable iPhones, Macs in your future? Could be, report says