Apple crowned world’s most valuable company

Culture-changing technology has 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.

Apple’s stock is priced at $363.69 per share for a total market capitalisation of $337.2 billion.

ExxonMobil’s stock price is $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.