Apple Passes Exxon as Most Valuable Company in the World (Updated)

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It finally happened: Apple Inc. has passed Exxon Mobil Corp. to become the most valuable publicly traded company in the world.

Though both companies saw their stocks plummet due to market fears, Exxon Mobil’s dive was harder, while Apple seems to be rebounding (but not by much). The oil giant and former “most valuable company in the world” currently sits at a market cap of $341.4 billion.

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On the other hand, Apple Inc. is currently +11.45, up a mere 3.24% for the day at $341.5 billion — a smidge better than Exxon. The Financial Post reports that the oil giant’s stock has fallen more than 17% since July 22nd as gas prices continue to drop.

TechCrunch notes that Apple’s lead continues to widen, now with a cool billion dollar lead.

Updated: Exxon managed to finish the day on top at a $348.32 billion market cap versus Apple’s modest $346.74 billion. Ho-hum.

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Chris Gayomali is a reporter at TIME. Find him on Twitter at @chrigz, on Facebook, or on Google+. You can also continue the discussion on TIME’s Facebook page and on Twitter at @TIME.

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