Congratulations to our friends at ExxonMobil, once again the largest company in the world. I think we can all agree that this is a deserved promotion, given how much more ExxonMobil brings to our lives than does Apple. How much more good ExxonMobil does for the planet. Capitalism, guys: It works.
Reuters explains what happened:
Exxon Mobil briefly overtook Apple as the largest U.S. publicly traded company by market value on Friday as shares of the technology giant continued to fall.
Apple shares traded down 2 percent on the day at $441.31, down from a high above $700 set in September, for a market value of roughly $416 billion. Exxon shares, flat on the day at $91.33, added to a market value of about $416.5 billion.
Apple has closed the day as the largest company by market capitalization since late January last year, when it passed Exxon.
Or, in English: A publicly traded company's market cap is its value calculated by multiplying its share price by the number of public shares it offers. As of a second ago, here's what that looked like for each company.