Exxon Mobile Now World's Most Valuable Company

Step aside, Apple

Apple lost its title as the most valuable company in the world on Friday.

Apple's market cap plummeted below $420 billion on Friday after a disappointing earnings report earlier in the week, allowing Exxon Mobil to regain its title as the most valuable company by market cap.

The Cupertino company first overtook Exxon in August, 2011, just a few weeks before Steve Jobs resigned as CEO and has held onto it firmly starting in January. Under the leadership of his successor Tim Cook, Apple's market cap continued to grow on the strength of the company's product lineup. At its peak after the iPhone 5 was released in September, Apple's market cap was $656 billion — about $240 billion more than Exxon at the time.