The market capitalization of Saudi Arabian Oil Co. surpassed the value of Apple Inc. (SPB: AAPL), traded on Wednesday for the first time since 2020, making Saudi Arabia’s state-owned energy company the world’s most valuable company, Bloomberg reported.
Apple shares during the session fell in price by 3.9%; as a result, the capitalization of the iPhone manufacturer decreased to $2.41 trillion. Meanwhile, the value of Saudi Aramco at the end of the auction amounted to about $ 2.43 trillion.
Apple’s value in January exceeded $3 trillion, but since then, the company’s share price has fallen on concerns about inflation and the Fed’s rate hike. Since the beginning of the year, the company’s quotes have lost about 16%.
At the same time, Saudi Aramco securities jumped in price by almost 30% in 2022 due to rising oil prices.
