Written By Mary Mumbua 📝
Apple has lost its title as the most valuable corporation in the world due to a widespread sell-off in technology markets.
For the first time in over two years, Saudi Arabian oil and gas firm Aramco has reclaimed the top rank from Apple.
Investors have been selling shares in technology corporations as they shift into less risky assets.
Bitcoin and other major cryptocurrencies and digital assets have continued to fall rapidly.
Apple shares tumbled more than 5% in New York on Wednesday, leaving the company with a stock market worth of $2.37 trillion (£1.94 trillion).
As a result, it lost its title as the world’s most valuable corporation to oil and gas giant Aramco, which was valued at $2.42 trillion.
This is Aramco’s first number one ranking since 2020. Energy company stocks have risen this year as the price of crude oil and natural gas has risen.
Meanwhile, Apple’s stock has dropped nearly 20% since the beginning of the year due to a sell-off in technology firms.
The Nasdaq, which is heavily weighted toward technology, fell 3.2 percent in New York on Wednesday as official statistics revealed that US inflation stayed near a more than 40-year high.
Rising prices have been the single greatest threat to the world economy’s recovery as it emerges from the Covid-19 pandemic.
Central banks around the world have responded to the problem by raising interest rates, which has triggered a move out of riskier investments over concerns that the higher cost of borrowing will slow down economic growth.
The move out of what is seen as risky assets also helped to push the price of Bitcoin below $28,000.
The world’s biggest and best-known cryptocurrency has now lost about 60% of its value since hitting a record high in November last year.
Ether, the digital coin linked to the Ethereum blockchain network, also fell sharply again and has now lost around a third of its value in the last week.
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