One Saudi company has struck oil to become the most valuable company in the world.
Oil provider Saudi Aramco is now considered the world’s most valuable company, surpassing Apple. The Saudi Arabia-based energy company, one of the world’s largest producers of oil, is primarily owned by the Saudi government.
Aramco’s market valuation was just under $2.43 trillion, according to financial analytics company FactSet, which adapted the company’s market cap into a dollar value. In contrast, Apple was only valued at $2.37 trillion.
iGONE: APPLE DISCONTINUES PRODUCTION OF THE IPOD AFTER 20 YEARS
The two companies have gone back and forth in recent years in the public markets. Apple surpassed Saudi Aramco in the public markets in 2020.
Energy stocks and prices have been on the rise since many investors have sold off equities in other industries due to concerns about the economic environment, leading to a 27% increase in Aramco stock in 2022, according to CNBC.
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Apple became the first company to hit a $3 trillion market cap in January. However, its stock has dropped 20% since the Jan. 4 valuation and has fallen an additional 5% since Wednesday.
Apple announced on Tuesday that it was discontinuing production of the seventh generation of the iPod Touch, ending the iconic music player’s run.
