It is reported that Apple, which was crowned as the most valuable company in the world, has lost that crown. None of Microsoft, Google, or Amazon, which previously held the crown before Apple, have been able to reclaim the crown, and this time the title is claimed by Saudi Aramco, the world’s largest crude oil exporter, which operates from Saudi Arabia, a Middle Eastern country. To a company called. Saudi Arabia owns 94% of the company.
According to a report in the Financial Times, Apple became the first company in the world to surpass $ 3 trillion in market value. But in November 2021, when the market value of a share of Apple fell to $ 146, their market value fell by 19%. Apple’s market cap fell to $ 2.37 trillion, while Aramco maintained its market value of $ 2.43 trillion, claiming the crown.
However, Apple is still the most marketable company in the United States, and Microsoft, the previous owner of the crown, is still trailing Apple by $ 1.95 trillion.
Commenting on this, Apple CEO Tim Cook said that the main reasons for this were the lack of supply chain and the fact that the Chinese company had to bear a total of $ 8 billion a quarter due to the quarantine epidemic in China. . Despite these factors, Apple also managed to record the best quarterly earnings in the third quarter.
Shares of Saudi Aramco have risen nearly 30% since the start of the new year. This is due to the sharp rise in crude oil prices, which has enabled the company to increase their profits by 82% this quarter alone. That’s an increase of about $ 40 billion.
After 14 years, the price of a barrel of crude oil is the highest in the world at $ 139. This is due to the simultaneous influx of world market demand for crude oil to Saudi Arabia due to Russia’s ongoing invasion of Ukraine.
Despite the fact that the energy company has surpassed the technology companies in the face of such a crisis in the world, Apple is expected to regain its crown after the supply chain is restored.
Commenting on this, James Meyer, CIO of Tower Bridge Advisors, said, “Apple and Saudhi Aramco are two incomparable companies in terms of business nature, and this is a temporary situation due to inflation and supply shortages.”