Apple 2.0

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Battle of the market caps: Exxon beat Apple by $30B

January 2, 2012: 11:58 AM ET

Exxon Mobil finished 2011 where it started: As the world's most valuable company

Source: Wolfram Alpha

It was nip and tuck for more than three months, from that day in early August, when Apple (AAPL) first overtook Exxon Mobil (XOM), to mid November, when Exxon finally pulled away.

At one point in late September, Apple's market cap (share price times number of outstanding shares) was nearly $36 billion more than Exxon's.

But though Apple's shares ended the year having gained more than Exxon's (25.1% to 15.5%), it was not enough to overtake Exxon's initial lead. Exxon finished 2011 $30 billion ahead of Apple.

The fact is, the world can live without iPhones and iPads. It still can't get along without oil.

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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