Apple Surpasses Exxon As World's Most Valuable Company

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Apple Inc surpasses Exxon as world's most valuable Co.

Apple overtook Exxon Mobile Wednesday as the world's most valuable company, after trading ended with the consumers electronics pioneer worth more than the oil giant.

Shares of Apple ended trading at USD363.69, down 2.8 per cent on the day, for a market capitalisation of USD337.2 billion.

Exxon faired even worse in the general market sell-off, with its shares dropping 4.4 per cent to USD68.03 dollars, giving it a market cap of USD 330.8 billion.

Apple briefly overtook Exxon on Tuesday before a jump in the oil company's shares allowed it to retain the top spot for one more day.

Apple's ascent to the status of the world's most valuable company had been widely expected, as its shares have jumped more than 40 per cent this year, while Exxon Mobil's have dropped 7 per cent.

Apple's shares have risen nearly 4,000 per cent since the iPod in was first introduced in October 2001 and nearly tripled since the firstiPhone went on sale in January 2007.

-- The Nation 2011-08-11

[maidu]

For people that worship money, this is a big deal.