The oil company Saudi Aramco, owned by the authorities of Saudi Arabia, has become the most valuable company in the world. The capitalization of Saudi Aramco exceeded the capitalization of Apple, which previously ranked first in this indicator.
According to the agency Bloomberg, the capitalization of Saudi Aramco amounted to $ 2.43 trillion. Capitalization of Apple was $2.42 trillion.
Apple has been number one in terms of capitalization since 2020. At the beginning of 2022, this figure for the first time in history amounted to more than $ 3 trillion, but since then the company’s value has decreased by 19%, while the capitalization of Saudi Aramco has grown by 27%, Bloomberg noted.
The agency stressed that energy companies benefit from inflation and limited supply in the energy market. “Many technology and other high-tech companies are now panic selling shares, and the money from these assets seems to be directed to energy, which is now profitable given the prices in the market,” said Tim Grisky, one of the investment experts interviewed by Bloomberg.
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