Volatile stock market crowns Apple world's most valuable company

It's a title that the company will most likely hold for only a brief time as the market rises and falls, but Cupertino's favorite fruit became the most valuable company in the world today. The previous corporation to claim that honor, oil giant Exxon Mobil, took a nose dive in the wake of fluctuations at Wall Street.

Want proof that stocks are going nuts? Apple, which took its spot as second most valuable company in the world only three weeks ago, was behind Exxon Mobil by about $50 to $60 billion at the time ($412 billion for Exxon Mobile, $364 for Apple in July). Now Apple is neck and neck with the oil giant, valued at $341 billion with shares trading at $367 per. So, you can see it's not that Apple has soared, but rather Exxon has slipped.

It's also important to point out that being valued so high does not mean that Apple is generating the most money. The company's revenue is definitely no slouch, but Exxon itself makes four times what Apple does annually. Apple basically just has a Scrooge McDuck-style vault of cash to go swimming in — three weeks ago, that was $75 billion worth of unused dollars.

After a dive yesterday, the stock market appears to be finding its footing today and rallying. Who knows where it'll go next, and where that will leave Apple and Exxon.

Via Mashable