This Saudi company has replaced Apple as the world’s most valuable company
Saudi Aramco has replaced Apple as the world’s most valuable company, according to AFP news agency. Saudi Aramco is the national petroleum and natural gas company of Saudi Arabia.
The company was billed as the world’s largest oil producer after a jump in oil prices and a drop in tech stocks. Shares of the Dhahran-headquartered company rose to 46.20 riyals on Wednesday. It was valued at $2.42 trillion (9.24 trillion riyals), based on the price of its shares at the close of the market.
Wall Street fell again on Wednesday amid concerns over the latest US inflation data. The Dow Jones Industrial Average fell 326.63 points (1.02%) to 31,834.11. The tech-heavy stock index Nasdaq Composite fell 3.18% to 11,364.24 and the S&P 500 slipped 1.65% to 3,935.18.
Yesterday, Apple’s stock price closed at $146.50, down more than 5 percent. The tech giant has seen its share price drop over the past month and was valued at $2.37 trillion at the end of official trading on Wednesday.
Apple’s sinking stock price came despite the iPhone maker reporting better-than-expected profits in the first quarter of the current fiscal.
Another American multinational technology corporation, Microsoft, ranks third in terms of market capitalization in the world. It is followed by Alphabet, the parent company of Google.