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Apple has lost its position as the most valuable company in the world after a significant sale of its tech stake.
For the first time, the list is headed by the Saudi oil and gas company Aramco after almost two years. Investors have started to sell their shares in technology companies in order to re-analyze them as less risky investments.
The value of Bitcoin, one of the most popular digital currencies, has also continued to decline significantly. Apple shares fell more than 5 percent on Wednesday and now its value goes to $ 2.37 trillion, while that of Aramco is estimated at $ 2.42 trillion. Shares of this energy producer had a significant increase this year due to rising oil and natural gas prices. While Apple shares have fallen by almost 20% since the beginning of the year.
Rising prices have become the biggest threat to the recovery of the global economy, which is now emerging from the stalemate of the coronavirus pandemic. Around the world, central banks have responded by raising interest rates, which in turn has led to reluctance to make more risky investments amid concerns that higher borrowing costs will slow economic growth.
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