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Apple becomes world's most valuable company

The success of the iPad 2 has seen Apple's value soar

Apple officially became the world's most valuable company on Tuesday.

The tech giant has overtaken Exxon Mobil after volatile market conditions on Monday and Tuesday saw the oil giant's stock prices take another hit, continuing a two week slump.

Apple has so far proved resistant against the market slowdown and the contrasting fortunes of both companies saw Cupertino leap ahead to become the world's most valuable publicly traded company.

On Tuesday Apple's value rose to $341.5 billion with Exxon falling to a mere $341.4 billion. The markets are yet to close in the US, so it's possible that Exxon could regain its position by the close of play.

Record breaking

Apple's value has risen by an incredible 41 per cent in the last year, thanks largely to the success of the iPad 2 launch and the continued prominence of the iPhone 4 and Mac computer lines.

As of the last record-breaking Apple quarterly report in July, the company had moved within $50 billion of Exxon's marker.

Most analysts had expected Apple to topple the oil giant, but not until later this year.

The recent market turbulence comes as a result of the United States government's decision to raise the country's debt ceiling, causing the US to be downgraded from its AAA credit rating.

Link: Financial Post