Update #1 (10:46 AM Pacific): The value of AAPL stock has been greatly fluctuating throughout the entire day, as Apple has just reclaimed its position as the world’s most valuable company at the time of this update.
Apple became the world’s most valuable company back in August 2011, when its market cap surpassed the oil giant Exxon Mobil. It held that position for almost one-and-a-half years, but Exxon Mobil has just reclaimed the number one spot as Apple stock continues to tumble downwards.
Apple currently has a market value of roughly $412 billion, which is less than Exxon Mobil’s worth of around $417 billion. Apple stock has dropped from a 52 week high of $705.07 in late September to just $439.03 per share as of writing. Incredibly, that is almost a 40 percent drop for AAPL in just four months.
I for one see Apple quickly regaining its position as the world’s most valuable company, as I expect AAPL to rebound as it so often does. Its unfathomable to think that a company that just recorded its most profitable quarter in its 35-plus year history will continue to perform this poorly on the stock market.
Nevertheless, the lustre of being the world’s most valuable company is something that Apple can only look back on for now. Many pundits that have been predicting the ultimate fall and demise of Apple will probably savor this moment, but I think this dark period for the company will be short lived.