Oil giant Saudi Aramco has become the world’s most valuable company, knocking Apple off its lofty perch.
Aramco’s most recent market capitalization was just under $2.43 trillion, according to FactSet, which converted its market cap to dollars.
Apple, which dipped more than 5 percent during trading in the US on Wednesday, is now worth $2.37 trillion.
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Energy stocks and prices have been rising as investors sell off stocks in a variety of industries, including technology, due to concerns about the economy.
Apple has dropped nearly 20 percent since its peak of $182.94 on Tuesday, January 4.
The change shows how markets are changing as the global economy deals with rising interest rates, inflation, and supply chain issues.
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Aramco stock is up over 27 percent so far in 2022.
In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices.
Apple passed Saudi Aramco to become the world’s most valued publicly-traded company in 2020.
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