As a result of the tech sell-off, Apple loses its position as the most valuable company.

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As a result of a widespread sell-off in technology stocks, Apple has lost its position as the world's most valuable company.

For the first time in nearly two years, Saudi Arabian oil and gas producer Aramco has reclaimed the number one spot from Apple.

Investors have been selling shares in technology companies as they seek less risky investments.

Bitcoin, as well as other major cryptocurrencies and digital assets, have continued to plummet.

Apple shares fell more than 5% in New York on Wednesday, leaving the company's stock market valuation at $2.37 trillion (£1.94 trillion).

As a result, it lost its position as the world's most valuable company to Saudi oil and gas producer Aramco, which was valued at $1 trillion.

Apple became the first company to reach a stock market valuation of $3 trillion (£2.2 trillion) in January. As a result of coronavirus lockdowns, spending on electronics increased.

According to World Bank data, the record meant Apple's value was greater than the $2.76 trillion size of the UK economy.

During lockdowns, demand for the world's largest technology companies skyrocketed as people became more reliant on smartphones, tablets, and laptop computers. Apple's stock market valuation increased from $2 trillion to $3 trillion in less than 16 months.

Meanwhile, Saudi Aramco, the country's state-owned oil company, has benefited from rising energy prices.

Saudi Arabia is the largest producer in the Opec oil cartel, and Saudi Aramco's net profit more than doubled to $110 billion last year.

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