Apple is no longer the world’s most valuable listed company

In its Riyadh stock market debut on Wednesday, Saudi Aramco (2222.SE) shares surged the maximum permitted 10% above the IPO price.

Reuters:

The shares leapt to 35.2 riyals ($9.39) each, up from the initial public offering (IPO) price of 32 riyals and at the daily limit of price moves allowed by the Tadawul exchange.

That gives Saudi Arabian Oil Co (Aramco) a market value of about $1.88 trillion, comfortably making it the world’s most valuable listed company and closing in on the $2 trillion price tag long coveted by Saudi Crown Prince Mohammed bin Salman.

Aramco raised a record $25.6 billion in its IPO last week, the culmination of a years-long effort by the Crown Prince to open up the energy giant to outside investors and raise funds to help diversify the economy away from oil.

The early share price gain values Aramco at more than six times U.S. oil major Exxon Mobil Corp; more than twice Saudi Arabia’s annual gross domestic product; and far ahead of U.S. tech giant Apple’s $1.2 trillion price tag.

Aramco stock will become part of Tadawul index by next week and global benchmarks such as MSCI and FTSE later this month, which analysts said should fuel demand, particularly from investors who track such indexes.

MacDailyNews Take: Now Apple has something to shoot for on their way to $2 trillion!

9 Comments

  1. Well, it’s been said Apple is losing its mojo. So, now the critics have proof. America’s wealth has been transferred to Saudi Arabia. That tiny country is loaded. A steak in every pot and a Ferrari in every garage. Wasn’t that supposed to be the American dream? Jeez.

    Apple has something to shoot for?! That’s like trying to hit the moon with an air rifle. I’m certain that Saudi Aramco stock will likely go much higher. Big investors will continue pouring serious money into that stock and completely ignore little Apple.

    1. Shares were not sold outside of Saudi Arabia and are traded on their exchange. This has zero to do with Apple and it is not even a remote indication America’s wealth has been transferred to the Saudis. Your remark indicates a complete lack of knowledge about Aramco, Apple and capital markets.

    2. I assume you are being sarcastic but there are poor people in Saudi, it just that the government does not declare any information about it. The oil wealth is centered around the royal family and up to 30% of the population are foreign workers including some de facto slaves.

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