Saudi Aramco surpassed Apple as being the most valuable company in the world.
Saudi Aramco hold’s market cap of $2.43 trillion while Apple’s market cap fell more than 5% during trading and is now $2.37 trillion.
This was caused by the recent spike in prices for energy stocks and oil prices. The company has dropped nearly 20% since it has announced its $3 trillion market cap earlier this year and Saudi Aramco has bumped up by 27%.
Investors are starting to sell off their equities in different industries especially technology because of inflation and the deteriorating economy. This caused stock prices for many tech firms including Apple to fall.
Saudi Aramco has reported that its profits doubled due to the rise in oil prices. There’s a possibility for Apple to once again takeover the title for world‘s valuable company since they passed Saudi Aramco as the most valuable public trading company back in 2020.
