Google surpasses Exxon to become the second largest company by market capitalization after Apple. The overtaking had already occurred on Friday, when the two companies were separated by a few million dollars at the close, but today with the oil giant down 1% and the Mountain View company up, the changeover is official: over an hour into trading, Google has a market cap of $395,70 billion and Exxon is stuck at $388,89 billion, with the stock down more than 9% year-to-date.
The overtaking indicates the continued rise of Silicon Valley and the overtaking of new economy technology to the detriment of the more traditional industry. Now Apple and Google are battling it out over mobile phones and operating systems, as well as having a battle over patents. Clash that has recently intensified with the agreement between Google and Samsung.
Google is currently trading at $1.179 a share and is up 5,78% in 2013 and 50,59% over the past 52 weeks.
Google's overtaking comes as Apple scores an important victory, with billionaire shareholder Carl Icahn withdrawing his request for an additional $50 billion buyback. The withdrawal follows recommendations from consulting firm ISS to Apple shareholders, who are asked to vote against. Icahn's proposal was expected to be voted on at Apple's shareholders' meeting on February 28.
