UPDATE: Apple was worth Exxon for much of the day, but when the market closed at 4 p.m. ET, the valuations ended thus: XOM $348.32B, APPL $346.74B.
Apple’s valuation has soared passed that of Exxon Mobil, making the technology giant the world’s largest company.
Around 1:22 p.m. ET, Apple was trading at north of $367 per share, giving the company a valuation of more than $341 billion, briefly surpassing what Exxon Mobil was worth at that time. The valuations of the two companies have since been crossing back and forth in a volatile day on Wall Street.
While we’ll wait and see if Apple holds onto its crown when the market closes at 4 p.m. ET, Apple has been gaining ground fast on Exxon Mobil since reporting record iPhone and iPad sales last month. At that time, Apple was worth about $50 billion less than the oil giant. It was only 15 months ago that Apple passed Microsoft to become the world's most valuable tech company, which at the time represented a valuation of $222 billion.