Apple has been knocked off its perch of the world’s most valuable company by Saudi Aramco.
The oil giant topped $2.426tn this on Wednesday, overtaking the iPhone-maker at $2.415tn, representing just over £10bn.
This is the first time the state-backed Saudi Aramco has taken the top spot since 2020 according to the The Financial Times, and comes against the backdrop of soaring oil prices owing in part to the Russian war in Ukraine.
This comes after Apple hit £3tn earlier in the year, the first company to do so, before its shares suffered amid rising inflation around the world and declining spending.
Apple fell almost 20 per cent since January, with its shares falling by more than five per cent to $146.50.