Apple is losing the position of the most expensive company in the world because of the oil giant Aramco

Apple has lost its position as the most expensive company in the world after the massive sale of technology shares and the rise in oil prices.

Shares of Apple fell about 5% to $ 146.50 on Wednesday, down almost 20% since the beginning of the year. Apple’s market capitalization fell to $ 2.37 trillion.

Saudi oil giant Aramco regains first place from Apple, giving way to it iPhone: manufacturer in 2020. Aramco shares have risen more than 27% this year, and profits have doubled last year due to rising oil prices. The market value of Aramco securities is now just under $ 2.43 trillion.

Investors are selling shares of technology companies և cryptocurrencies for less risky assets, following a move by central banks to raise interest rates in a bid to offset the impact of rising prices.

The downfall of Apple’s second most expensive company comes two weeks later reports Revenue for the second quarter was $ 97.3 billion, a new all-time high for March. Apple has seen growth in its iPhone, Mac, Wearables և Services product categories, however iPad: Revenues decreased by about 2% compared to the previous quarter.