Wednesday’s steep slide in Apple’s shares has pushed the tech giant to second place on the list of the world’s most valuable companies. Oil giant Exxon Mobil Corp. has reclaimed the throne.
As the chart shows, both companies have been jockeying back and forth for the top spot for much of 2013. Prior to that, Apple had been the clear-cut king from January 2012 through this past January. And before that, Exxon had been the king dating back to 2006.
Apple shares recently dropped more than 5% and briefly dipped below $400 for the first time since December 2011. Exxon shares are down less than 1%.