Saudi Aramco Surpasses Apple Returns First By Capitalization
Saudi Aramco is once again the largest company in the world by market capitalization, overtaking Apple penalized by the recent debacle on the stock market of American technology companies.
Shares of the Saudi oil giant gained 1.1% in Riyadh this month, despite the fact that Brent prices fell 12% to below $ 40 a barrel, according to Bloomberg. Apple lost nearly 17% in September, bringing the company’s market value to $ 1.9 trillion from the previous $ 2.3 trillion. Apple and Aramco are the only two companies to have reached 2,000 billion in capitalization.
Aramco’s share price was backed by a promise to pay a $ 75 billion dividend this year, more than five times what Apple has paid to shareholders in the past four quarters.