Apple is in hot water at the moment, losing its position as the world’s most valuable company
This comes as investors sell-off tech stocks as they move into what they see as less risky assets.
Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from the iPhone maker for the first time in almost two years.
Shares in Apple fell by more than 5% in New York on Wednesday to end the trading day with a stock market valuation of just over 2 trillion dollars.
In fact, it’s been a rocky year for apple, shares have fallen by almost 20 per cent since the start of the 2021
That meant it lost its position as the most valuable company in the world to oil and gas producer Aramco
This is the first time the oil giant has held the top spot of the podium since 2020
Shares in energy producers have risen this year as the cost of crude oil and natural gas have gone up.
