Apple overtook ExxonMobil to become the world’s most valuable public company in 2011.
The change reflected Apple’s rapidly rising share price and investors’ expectations for continued growth in the iPhone and related businesses. ExxonMobil, formed through the merger of Exxon and Mobil, had long held the leading position because of its enormous energy operations and profits.
Apple’s transformation had begun under Steve Jobs, who returned as chief executive in 1997. The iMac, iPod, iPhone, and iPad broadened Apple’s consumer technology business and changed how investors viewed the company. The iPhone, introduced in 2007, was especially important to its later market-cap expansion.
Being the most valuable public company differs from being the largest by revenue, employees, or assets. Rankings can also change quickly because market capitalization depends on stock prices. Apple and ExxonMobil have traded places in different periods, while other technology and energy companies have also reached the top.