Apple becomes US most valuable company

Added by Erik West on August 11, 2011

US computer maker Apple’s share price closed at US $363.69 on Wednesday, making it the United States’ most valuable company based on market valuation, overtaking Exxon Mobil.

The previous holder of the title of the most valuable US firm was Exxon Mobil, which has held the title since 2005. Exxon closed at US $68.03, valuing the company at just US $331bn.

Apple’s market valuation now stands at US $337bn, about $6bn more valuable than Exxon.

Apple has was in second place since May 2010 when it over took Microsoft’s valuation.

Reliant on oil prices and oil discoveries, Exxon has limited prospects for growth. Apple continues to launch new products and technologies, as it did last month with its new version of the popular MacBook Air.

Apple launched its iPad tablet computer in 2010 and the company’s track record of introducing a new product about every three years makes a new product launch likely sometime during 2013. Apple does not make announcements about new products and technologies that it may make available in the future.