Apple is no longer the world's most valuable public company

, that honor now belongs to oil firm Saudi Aramco. The latter is now worth just south of $2.43 trillion yesterday after converting its market capitalization to dollars. Apple, on the other hand, took a huge hit in the stock market on Wednesday with the shares declining 5%.

Over the last five trading days, Apple's shares have declined by $13.51 or 8.66%. Just after the regular trading session closed on Thursday, Apple's market cap was down to $2.31 trillion. Since it set a 52-week high at $182.94 on January 4th, Apple has seen its value evaporate by 23%. On the other hand, Aramco's shares are up 27% since the start of the year. In March, the company reported that its full-year earnings doubled thanks to booming oil prices.

That means if you were lucky enough to buy 100 shares of Apple at the IPO price of $22, you would now own 22,400 shares of the company valued at $3.2 million.Get the most important news, reviews and deals in mobile tech delivered straight to your inbox

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