Apple is no longer the most valuable company in history. The firm’s stock tanked following its first quarter 2013 earnings report and is now trading around $438, a far cry below the firm’s 52-week high of $705. At the time of publishing, Apple’s market cap was $412.12 billion, below Exxon’s $417.44 billion market cap, moving Apple to the second largest U.S. company by those measurements.
What exactly caused the downfall? Apple missed expectations from Wall Street, even though it sold a record number of iPhones and posted record quarterly revenue, and there’s plenty of speculation as to whether or not the company has the “magic” that Steve Jobs brought to the table. As The Wall Street Journal notes, it’s likely that Exxon and Apple will move back and forth as the first and second largest U.S. companies.