Saudi Aramco briefly became the world’s most valuable company, with its shares rising to 9.24 trillion riyals ($2.464 trillion) on Tuesday.
This came following successive sessions of the US stock market decline, and a stormy wave of crashes for technology shares, which erased more than a trillion dollars from the market value of the largest 7 American technology companies in only 3 sessions.
Aramco’s shares rose in trading on Tuesday, to 46.20 riyals, bringing the market value to 2.464 trillion dollars, while the value of “Apple” 2.461 trillion dollars.
On the other hand, Aramco benefited strongly from the skyrocketing oil prices following a major recession caused by the Corona epidemic, as well as the Russian-Ukrainian war that ignited the prices of basic commodities, as Aramco added more than $ 240 billion to its market value since the Russian invasion of Ukraine on February 28. .
Behind the two companies comes Microsoft with a market value of $ 1.979 trillion.
and with The recent declines of technology companiesThe number of companies whose value exceeds two trillion dollars has shrunk to only two companies in direct competition between Saudi Arabia and America, as American companies control the vast majority of large-sized companies globally.
Similarly, Tesla exited the list of trillion companies, following violent declines in its shares, to stabilize its market value at 815 billion dollars.
On the other hand, Aramco already leads the international companies in the most profitable index, as its profits amount to regarding 208 billion dollars before interest, taxes, depreciation and amortization, compared to 120 billion dollars for its closest competitor (Apple).
