Saudi Aramco overtakes Apple and becomes the most valuable company in the world

12 May 2022

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Tim Cook, CEO of Apple

Aramco, the Saudi oil giant, topped the list of the most valuable companies in the world, and snatched the lead from the American company Apple, nearly two years after its decline.

Investors began massive selling of Apple shares, with the aim of transferring their assets to other options, which they see as less risky.

Bitcoin, other digital currencies, and digital investments continued to lose value, rapidly.

Apple shares lost about 5 percent of their value on the New York Stock Exchange, during Wednesday’s trading, as the company’s trading value reached $2.37 trillion at the end of the day.