Saudi Aramco takes over Apple position as world’s most valuable firm

Apple Co. lost the top spot in the list of the world's most valuable companies by the end of Wednesday, May 11, after Saudi Aramco outperformed the US tech giant.

The iPhone manufacturer's market capitalization reached $2.37 trillion, following a 5.2% drop in the share price at the end of Wednesday's session.

Aramco's market capitalization stood at around $2.43 trillion, as the energy company's shares have risen more than 27% year-to-date.

The Saudi oil giant briefly surpassed Apple's market capitalization on May 10 before the US tech firm regained its position at the top of the list at the close of trading.

In recent weeks, Apple stock suffered major losses after the US Federal Reserve raised interest rates to curb accelerating inflation amid fears of stagflation in major economies.

Apple lost nearly 20% of its value compared to the stock’s Jan. 4 peak of $182.9.