Oil giant Saudi Aramco recently had the world’s biggest IPO of US$25.6 billion. At that level it has a market valuation of US$1.7 trillion, beating Apple to become the world’s most valuable company.
Aramco did not say when shares would start trading on the Saudi stock market but two sources said it was scheduled for Dec. 11.
Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion.
Check It Out: Saudi Aramco Expected to Beat Apple as ‘Most Valuable Company’
Apple is doomed as usual. What does the Saudi stock market have to do with anything. Tech media like your’s are dutifully reporting the demise of AAPL as the world’s most valuable company yet it hasn’t even happened yet. There’s an almost gleeful tenor to some of the headlines. What is it about Apple that generates so much hatred? When Apple first headed the list the knives came out explaining that the Dutch East India Company was worth $7T in today’s dollars way back in the 1600’s. So HA HA HA, Apple was NOT the world’s most valuable company. I’m fully aware of reality but consider that when Microsoft ascended the throne no such comparisons were made. And when Apple overtook Microsoft once more there were no pundits even mentioning it. The bizarre world of the Apple haters is strange indeed.