Culture-changing
technology outshined crude oil with iPhone and iPad maker Apple eclipsing
ExxonMobil as the most valuable company in the world based on the value of its
stock.
Despite an
overall dismal day on the stock exchange, Apple ended trading with its stock
priced at $363.69 per share for a total "market capitalization" of
$337.2 billion.
ExxonMobil's
stock price slipped to $68.03 per share to give the international petroleum
giant a valuation of $330.8 billion.
Apple
dethroned software giant Microsoft in May of last year to become the largest US
technology company in terms of market cap -- the number of shares outstanding
multiplied by the stock price.
Apple stock
has risen steadily over the past few years as chief executive Steve Jobs
piloted the release of a string of hit products starting with the iPod in 2001,
followed by the iPhone in 2007 and the iPad last year.
Apple's
ascension to most valuable company was seen as remarkable given that the
California company was floundering and seemingly heading into oblivion before
Jobs returned to the helm about 15 years ago.
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