Google is no longer the most valuable company in the world.
Earlier this week the search-giant’s parent company Alphabet overthrew Apple as the world’s top company in terms of marketcap, but it appears that the company’s reign is already after its stock price began trading way down this morning.
Alphabet shares are currently down 4.29% since trading began this morning, dropping price of shares to a current low of 731.86. There’s still a lot of trading left in the day, so the company could make a recovery by the end of the day to hold onto its crown. Alphabet is struggling to hold onto its $516.2 billion market cap, meanwhile AAPL shares are up 0.34%, giving it a marketcap of $532.9 billion.
Apple posted the most profitable quarter in the history of publicly traded companies last week bringing in a total of $18.4 billion. It wasn’t enough to satisfy Wall Street though, which is concerned that the company is overly dependent on the iPhone right as growth is set to decline for the first time ever.