Apple surpasses Exxon as world’s most valuable company
Fashionable technology firm Apple has briefly assumed the distinction of becoming the most valuable company in the world by market value – before swiftly slipping back to second place.
Volatile trading Nasdaq stock exchange saw Apple shares rise by a healthy 4.7% to give the firm a valuation of $342.9bn at one point, nudging Steve Jobs baby ahead of Exxon which is valued at $339.4bn on the New York stock exchange.
Exxon subsequently leapfrogged its status rival again in late trading.
Apple’s flirt with the top is seen as a vindication of jobs diversification strategy which has seen the company branch out into mobile phones, tablets and music downloads.
The iPhone is now the firm’s best-selling product, helping Apple overtake Nokia as the largest supplier of smartphone handsets.