Apple has lost the top spot as the world's most valuable company.
Apple shares today are down more than $11 to land at $439.23, pushing its market capitalization to $412.7 billion. That decline, coupled with a 16-cent gain in Exxon Mobil's stock price that pushed that company's market cap to $417.2 billion, has pushed Apple to give up its lead as the world's most valuable company.
Market capitalization is the measure of a value of a company. It's calculated by multiplying a company's total shares outstanding by the share price.
Apple and Exxon Mobil had been battling for the top spot in 2011, when the iPhone maker's market cap hovered around $337 billion. However, after a string of outperforming quarters, Apple watched its share price soar to over $705 and its market cap rise with it. Last August, Apple became the most valuable company of all time when its market cap hit $622 billion.
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by Don Reisinger via CNET
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