Sorry Apple fans, your favorite company is no longer the most valuable publicly traded outfit in the world. According to CNBC
, that honor now belongs to oil company Saudi Aramco. The latter is now worth just south of $2.43 trillion yesterday after converting its market cap to dollars. Apple, on the other hand, took a massive blow to the stock market on Wednesday, with its shares falling 5%.
Over the past five trading days, Apple shares are down $13.51 or 8.66%. Just after the regular trading session closed on Thursday, Apple’s market cap had fallen to $2.31 trillion. Since hitting its 52-week high of $182.94 on Jan. 4, Apple has seen its value plummet by 23%. On the other hand, Aramco shares are up 27% since the beginning of the year. In March, the company reported that full-year profits doubled on the back of soaring oil prices.
In recent years, Apple is the first publicly traded US company to reach different valuation standards of $1 trillion, $2 trillion and $3 trillion. When we write about Apple’s valuation, we’re talking about the market capitalization, which is calculated by multiplying the current price of Apple’s stock ($142.56) by the number of shares outstanding.
Apple’s Market Cap Is $2.31 Trillion
The only other US companies giving Apple a run for the money are Microsoft ($1.91 trillion market cap) and Google’s parent company, Alphabet ($1.49 trillion market cap). Apple first went public on December 12, 1980 for $22 a share. Since then, the company has split its shares several times, the last taking place in August 2020 (4-1). Taking the stock splits into account, Apple’s IPO price was 10 cents per share.
That means if you were lucky enough to buy 100 shares of Apple at the IPO price of $22, you would now own 22,400 shares of the company worth $3.2 million.